Freshworks has raised the target price range for its upcoming public offering (IPO), which now potentially envisions a valuation of $ 9.6 billion, Reuters reported.
The California-based company works in business and consumer engagement software.
The company plans to raise $ 969 million at the high end of its price bracket, which will now be $ 32 to $ 34 per share, an increase of $ 28 to $ 32 from earlier, according to the report.
In April, Reuters reported that Freshworks could be valued at nearly $ 10 billion. The company’s technology is used by more than 50,000 companies in 120 countries. Its clients include well-known names like Delivery Hero, Vice Media and Klarna, the Swedish payment company. One of the company’s competitors is Salesforce.com.
Freshworks’ IPO, according to PYMNTS, could help the enterprise software space evolve further towards a unified way of managing customer experiences and moving away from current fragmentation.
Read more: Freshworks IPO Filing Indicates Huge B2B SaaS Opportunity in Disjointed CRM Marketplace
Freshworks said its revenue was $ 308 million for the last year. The company has also developed its own products such as Freshdesk Support Desk, which enables communication via email, phone and social media, and also enables better customer management.
Then there’s an IT management department, Freshservice, and a customer relationship management offering that automates sales and marketing.
“In the world of enterprise software, businesses are grappling with multiple tools for sales, marketing, multi-channel customer support, bots and more,” the company said earlier this month. . “They often have disparate silos and disjointed information for a single customer – information residing in multiple databases, none of which natively communicate with each other. This is true even if the tools come from the same supplier, and in particular if they come from acquisitions.