Freshworks crosses $300 million in annual recurring revenue

MADURAI: Customer engagement software firm

Freshworks

said on Tuesday that it has crossed $300 million in

Annual Recurring Revenue

, a key metric used by SaaS or subscription businesses.

Freshworks said it grew its business by 40% year over year through unprecedented economic times, and the year was characterised by new product offerings, strategic acquisitions to accelerate AI and expansion of its executive team.

“Like everyone, our 2020 plan went out the window when the pandemic hit, but our hard-working team persevered,”

Girish Mathrubootham

, Freshworks founder and CEO, said. “Our mission is to create customers for life and during this past year, this goal was put to the test. Our team rose to the challenge and rallied around our customers to help them navigate unknown waters and empower their employees to respond to increasing customer demands," he added.

During 2020, Freshworks launched

Freshworks CRM

, a single solution that unifies the customer journey and delivers personalized conversations at every customer touchpoint.

The Freshworks CRM solution is built on Freshworks Neo, which aggregates data on an embedded customer data platform for personalized customer engagement, improved lead conversion and sales growth.

During the pandemic year, Freshworks also closed two acquisitions. The company acquired AnsweriQ, a provider of AI and ML solutions for larger enterprises. Freshworks also acquired Flint, an IT orchestration and cloud management platform to bolster its IT service management and IT operations management capabilities.

With respect to leadership changes, Freshworks hired seasoned tech veterans to its top management including Tyler Sloat from Zuora Inc as the new CFO, Prakash Ramamurthy from Oracle Corporation as the chief product officer and José Morales from Atlassian as chief revenue officer, among others.


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