Business and client software company Freshworks announced in its US filing for an initial public offering (IPO) that revenue grew 53% as it saw more customers sign up for its services.
The competitor, Salesforce.com, revealed that revenue rose to $168.9 million during the six-month period ended June 30 of this year, compared to revenue of $110.5 million during the same period last year, while the net loss was only about $9.8 million, down by 83% from last year.
Fresh Works has not yet determined the details of its IPO, but Reuters reported in April that the company may aim for a valuation of up to $10 billion, as the company joins the wave of IPOs within the software and technology sector, most of which have been welcomed by investors who expect these companies to grow even after the pandemic is over, as many companies are moving towards hybrid work systems that will raise the demand for software and technology products.
Freshworks raised its first funding round in 2011, the same year it acquired its first client – Atwell College in Australia. The company is now backed by major investors including Sequoia Capital and Tiger Global Management, and has a suite of software products that help businesses manage and deal with customer data. The company says its technologies are used in more than 50,000 companies, including Delivery Hero, Swedish payments company Klarna, Cisco Systems and General Electric.
Fresh Work plans to list its stock on the Nasdaq Index under the symbol “FRSH”, and Morgan Stanley, JPMorgan and BofA Securities will be the primary guarantors of the subscription.