Freshworks' New CEO Dennis Woodside Sharpens Focus on IT Services

• Dennis Woodside, the new CEO of Freshworks, is emphasizing IT services management after his first quarter in charge, succeeding founder Girish Mathrubootham in May 2024.
• Freshworks' IT services business, led by Freshservice, has an annual run rate of $340 million, making up about 50% of the company's revenue.
• The company reported a 20% revenue increase to $174 million for April-June 2024, with net losses flat at $44 million due to ESOP expenses, and maintains a cash reserve over $1 billion.
• Freshworks has revised its 2024 revenue projection to $707-$713 million, driven by higher demand for AI solutions, and aims for $1 billion in revenue by 2026.
• Woodside plans to invest in product and engineering resources for IT and employee experience solutions, and recently completed a $230-million acquisition of Device42 to strengthen its IT services business.

Source: The Arc