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Business Solutions Software Provider Freshworks Files for IPO

The San Mateo, Calif., Salesforce rival files a Securities and Exchange Commission Form S-1 registration statement for an initial public offering.

Business solutions software provider Freshworks on Friday filed for an initial public offering that revealed its revenue for the first six months ended June 30 soared by almost 53% compared to the same period a year earlier.

Freshworks has not yet determined the amount of shares to be offered or price range for the proposed offering, according to a Friday statement.

The San Mateo, Calif., company intends to list its Class A common stock on Nasdaq under the symbol FRSH.

In its Form S-1 registration statement filed with the Securities and Exchange Commission, Freshworks reported $168.9 million in revenue for the first six months of the year with a $9.8 million net loss, compared to $110.4 million in revenue and a $57.1 million loss for the same period in 2020.

The Salesforce  (CRM) - Get salesforce.com, inc. Report rival is backed by investors, including Sequoia Capital, Tiger Global Management, Accel, and CapitalG, which have pumped $327 million in funding into the company, according to Freshworks' website.

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Freshworks offers a suite of customer support solutions for businesses that include its Freshdesk Messaging platform with live-chat, web, mobile, and artificial intelligence chatbots. Its Freshdesk Contact Center offers call center solutions that seek to dramatically  reduce call wait times, according to the website.

The company also offers a variety of software solutions for sales, marketing, information technology service management and human resources.

Freshworks listed about 52,500 customers in 120 countries and a total addressable market of $120 billion in its filing. Its customers include Bridgestone, Chargebee, DeliveryHero, ITV, Klama, OfficeMax, TaylorMade and Vice Media, according to its website.

Morgan Stanley, J.P. Morgan and BofA Securities are lead underwriters for the proposed offering. 

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