Welcome to our dedicated page for Freshworks news (Ticker: FRSH), a resource for investors and traders seeking the latest updates and insights on Freshworks stock.
Freshworks Inc. (NASDAQ: FRSH) is a leading provider of cloud-based software, specializing in delivering AI-enhanced business solutions that are easy to use. Headquartered in San Mateo, California, Freshworks serves over 67,000 customers worldwide, including prominent names like American Express, Blue Nile, Bridgestone, and Databricks.
Core Offerings:
- Freshdesk: A comprehensive customer support software streamlining communication across multiple channels, such as email, phone, chat, and social media. It’s utilized by over 100,000 companies, including Honda and Cisco.
- Freshservice: An IT service management solution that boosts efficiency with features like automations, virtual agents, and a multilingual knowledge base. Notable users include Porsche eBike Performance.
- Sales and Marketing Automation: Tools designed to enhance customer acquisition and engagement, supporting businesses in their growth journey.
Global Reach: Freshworks generates revenue from North America, Europe, the Middle East, Africa, Asia Pacific, and other regions, demonstrating its widespread influence and customer base.
Recent Innovations and Achievements:
- Monos leveraged Freshworks to deflect 80% of customer queries and boost sales by 500%.
- Collaboration with AWS to deliver modern, AI-powered business software.
- Porsche eBike Performance improved IT service delivery and employee experience using Freshservice.
Leadership Transition: Founder and CEO Girish Mathrubootham has transitioned to Executive Chairman, while President Dennis Woodside has taken over as CEO. Woodside brings extensive experience, having previously worked at Dropbox and Google.
Freshworks continues to innovate, focusing on AI and customer experience enhancements. Its products are designed for immediate business impact, making it a valuable partner for companies seeking to improve efficiency and customer satisfaction.
Freshworks has released its Global AI Workplace Report, surveying over 7,000 full-time employees from March 9 to April 4, 2024. The report reveals that more than half (55%) of knowledge workers use AI-enhanced software, with AI helping to save nearly 24 business days per year. A significant majority (72%) believe AI adds value to their work, and 81% trust AI due to its productivity benefits and quality of work. Despite AI's popularity, 40% of workers are unaware they are using AI. Senior leaders report productivity improvements and better quality of work due to AI. However, 37% of employees lack good metrics for measuring productivity. The U.S. lags in AI adoption and trust compared to India and the UAE. The report highlights AI's role in enhancing decision-making, operational efficiencies, and customer experiences.
Rocketlane has announced a $24 million Series B funding round, co-led by 8VC, Matrix Partners India, and Nexus Venture Partners, bringing its total funds raised to $45 million. The company, which provides an AI-powered platform for professional services teams, has tripled its revenue over the past year and boasts over 500 customers, including OpenGov, LivePerson, and Fivetran. Rocketlane's platform aims to replace outdated PSA tools, reducing project delays and enhancing profitability. The new funds will expedite Rocketlane's AI roadmap, adding advanced features to improve client project delivery. The company recently appointed Rao Adavikolanu as Chief Marketing Officer to bolster market presence and strategic initiatives.
Freshworks announced the completion of its acquisition of Device42, aiming to enhance its IT Asset Management (ITAM) capabilities. This move is expected to provide customers with a unified platform for IT Service Management (ITSM) and ITAM, offering advanced asset discovery and application dependency mapping. The integration is designed to help IT teams reduce risk, solve incidents faster, and optimize IT operations. Freshworks CEO Dennis Woodside emphasized the company's commitment to delivering value to IT teams globally, while Device42 CEO Raj Jalan highlighted the synergy between the two companies' solutions, particularly in IT infrastructure discovery and AI-driven innovation.
Freshworks announced its participation in two upcoming investor conferences. CEO Dennis Woodside will participate in a fireside chat at the J.P. Morgan 52nd Annual Global Technology, Media, and Communications Conference on May 21, 2024. CFO Tyler Sloat will also engage in a fireside chat at the Jefferies Software Conference on May 29, 2024. Both events will have audio webcast replays available on the Freshworks investor relations website.
Freshworks Inc. (NASDAQ: FRSH) announced the appointment of Dennis Woodside as the new Chief Executive Officer & President, succeeding Founder Girish Mathrubootham, who will transition to the role of Executive Chairman. Woodside, with a proven track record in leading tech companies like Dropbox and Google, will focus on accelerating growth and expanding the company's enterprise offerings. Mathrubootham will remain actively involved in the company's long-term vision and product strategy.
Freshworks Inc. reported a 20% revenue growth in the first quarter of 2024, with positive financial results and improved profitability. The company also highlighted AI innovation, product adoption, and expansion of its customer base. Founder Girish Mathrubootham will transition to Executive Chairman, and Dennis Woodside will become CEO. Freshworks aims to continue its growth trajectory with a strong financial outlook.
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