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Freshworks has listed 28.5 million shares on the Nasdaq exchange
Freshworks held an IPO on the Nasdaq exchange, raising $1.03 billion. Now the software developer is valued at $10.13 billion. The company floated a total of 28.5 million shares at a price of $36 per share. Before going public, Freshworks had planned to sell shares at $32-34 per share to raise $969 million, but just before the IPO it decided to raise the price of securities. Morgan Stanley, BofA Securities and J.P. Morgan were the listing underwriters.
Freshworks is based in California and founded in 2010 in India. The company focuses on enterprise SaaS solutions to provide customers with a wide range of services, as well as relationships within the company. The Freshworks platform is used by over 50 thousand businesses in 120 countries, including such well-known names as Delivery Hero, Vice Media and the fintech unicorn Klarna.
The main partners of the developer are technology companies, thanks to which the digital transformation is accelerated. They have a strong position in the market and the trust of customers who use their solutions. And Freshworks’ developments help improve business processes. The market for the company’s products is valued at $120 billion and is flexible and empowering. It includes management, increasing business productivity through automation, the IT sector and others.
Before listing its shares on the stock exchange, Freshworks held nine rounds of financing, which raised a total of $484 million. The last round of investment was organized by the developer in 2020.
It should be noted that Freshworks gained popularity on the wave of the pandemic, when businesses were faced with the need to transform processes for the transition to a remote format of work. At that time, the company’s products became extremely relevant, as they allowed the company to effectively carry out activities without the strict control of a person, but through the automation of operations.
Freshworks is a platform based on artificial intelligence technology, through which users receive information, optimize processes and study reports, which are generated automatically. The service is ideal for conducting sales, attracting customers and working with existing ones. The platform has built-in telephony, messenger and is integrated with major email programs.
All data is in the cloud, so it is securely protected from hacking devices. In addition, Freshworks regularly strengthens security for its customers by introducing new levels of verification and improved user identification mechanisms. The company’s management plans to continue working in this direction, and raising capital will help accelerate progress. In addition, Freshworks intends to release a number of new solutions that will meet customer requirements.