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Freshworks: Girish Mathrubootham hands CEO reins to Dennis Woodside
The Arc Web
·
1y ago
Medial
Freshworks founder and CEO, Girish Mathrubootham, is transitioning to the role of Executive Chairman, while current President, Dennis Woodside, has been named the new CEO. The announcement was made after market hours, leading to a 25% drop in Freshworks' share price in the aftermarket. The change allows Mathrubootham to focus more on product teams and customers, while remaining involved in strategic decisions. Freshworks also recently announced its acquisition of Device42 for $230 million in cash, expanding its IT services management business.
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Freshworks hires ex-Dropbox exec as CEO, founder Mathrubootham to be chairman
VCCircle
·
1y ago
Medial
CRM software maker Freshworks has appointed Dennis Woodside as its new CEO, with founder Girish Mathrubootham becoming the executive chairman. Woodside, who previously held leadership positions at Impossible Foods, Dropbox, and Motorola Mobility, joined Freshworks in 2022 as president. The company's shares fell by around 21% following the announcement. Freshworks, which went public on Nasdaq in 2021, has forecast second quarter revenue between $168 million and $170 million, below market estimates.
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Freshworks' board reworks CEO Girish Mathrubootham’s stock award
Economic Times
·
1y ago
Medial
Software service provider Freshworks has canceled the performance-based stock award of 6 million shares to its founder and CEO, Girish Mathrubootham. The decision was made due to macroeconomic challenges affecting the company's stock price. While his original stock award has been canceled, Mathrubootham has been allotted stock awards valued at $19 million. Additionally, stock awards have been approved for Freshworks' other executives, including president Dennis Woodside, CFO Tyler Sloat, and CPO Srinivasagopalan Ramamurthy.
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Freshworks rejigs CEO Girish Mathrubootham’s stock award
The Arc Web
·
1y ago
Medial
The board of Freshworks has revised the stock-based compensation for its top leadership, including CEO Girish Mathrubootham and President Dennis Woodside. The board has canceled a performance-based stock award of 6 million shares granted to Mathrubootham during the company's IPO. However, a stock award of 3 million shares granted to Mathrubootham remains unchanged. The revision was made due to macroeconomic conditions, and the new stock awards for the management team are structured to vest over the next four years. Other executives receiving stock awards include Woodside, CFO Tyler Sloat, and Chief Product Officer Srinivas Ramamurthy.
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Investors may find Dennis Woodside a better chief for Freshworks
Livemint
·
1y ago
Medial
Freshworks Inc., a software-as-a-service (SaaS) company, has announced a leadership transition as Founder Girish Mathrubootham steps down as CEO and assumes the role of executive chairman. Dennis Woodside, former CEO of Motorola Mobility and COO of Dropbox, has been appointed as the new CEO. The transition comes as the company faces pressure from investors after its share price declined following its initial public offering. Freshworks reported consolidated revenues of $165 million for the January-March quarter, with projections of 17-18% year-on-year growth for 2024. Woodside will focus on executing the company's growth strategies.
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Freshworks Buys Device42 For $230 Mn Amid Top-Level Rejigs
Inc42
·
1y ago
Medial
Freshworks, a Nasdaq-listed SaaS company, is set to acquire Device42 for $230 million. The deal includes $215 million in cash and a $15 million equity rollover. Device42 provides tech support for IT compliance, audit, and asset management. Freshworks recently reported a 45.3% decline in net loss for Q1 2024 but experienced a 20% increase in total revenue. In terms of leadership, CEO Girish Mathrubootham will step down, with President Dennis Woodside taking over on May 1. Mathrubootham will become executive chairman, focusing on product vision, innovation, and AI strategy.
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Optimistic despite short term bumps: Freshworks CEO Dennis Woodside
Economic Times
·
1y ago
Medial
Nasdaq-listed Freshworks remains positive about the future of the Software-as-a-Service (SaaS) industry, according to its CEO Dennis Woodside. Despite short-term challenges, Woodside believes in the potential of Artificial Intelligence (AI) and stated that Freshworks already has two AI products being monetized in the market. He expressed optimism about the company's prospects moving forward.
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Freshworks cuts losses by 14% in Q2; eyes $713 Mn revenue in CY24
Entrackr
·
1y ago
Medial
SaaS firm Freshworks registered a 5.5% growth quarter-on-quarter in the second quarter of the calendar year. Meanwhile, the company managed to narrow its losses by 13.7% during the same period. Freshworks operating revenue grew to $174.1 million in the quarter ending June 2024 from $165.1 million in Q1 CYFY24, its regulatory filing accessed from NASDAQ shows. Freshworks provides marketing, sales, support, and IT solutions through a portfolio of products: Freshservice, Freshdesk, Freshmarketer, Freshchat, and Freshsales to global companies. Freshworks acquired Device42 for $230 million in June this year. Consequently, Device42’s revenue will be included in Freshworks’ financials for the upcoming third quarter (Q3). Moving over to the cost side, Freshworks’s sales and marketing formed 50% of the overall expenditure which increased by 18.5% to $104.2 in Q2 CY24. The company’s spending on research, employees, and general overhead took the overall cost to $207.4 million in Q2 CY24. The decent increase in growth and controlled cost mechanism helped Freshworks to reduce its losses by 13.7% to $20.1 million in Q2 CY24 from $23.3 million in Q1 CY24. Freshworks said that it aims to achieve approximately $180-183 million in revenue for the third quarter of CY 2024. It targets to reach $707-713 million in revenue for the full year ending December 2024. In May, Freshworks founder Girish Mathrubootham stepped down from the position of chief executive officer. While Mathrubootham took the role of executive chairman, the company’s president Dennis Woodside was elevated as the new CEO.
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Altman's challenge accepted: Freshworks CEO on making AI in India
Money Control
·
1y ago
Medial
Freshworks CEO Girish Mathrubootham, while launching entrepreneurship support program 'Together AI Studio', said, "I think we can surely say OpenAI CEO Sam Altman's challenge is accepted." The fund will invest between $500,000 to $5 million in startups, depending on their business' stage. "Building AI is a possibility from India and new-age startups in AI...are very promising," Mathrubootham said.
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Girish Mathrubootham sells $40 million worth of Freshworks stock
Economic Times
·
8m ago
Medial
Freshworks founder Girish Mathrubootham has sold shares in the software-as-a-service (SaaS) company totaling nearly $40 million. Mathrubootham, who recently stepped down as CEO, sold a total of 2.5 million shares in December. He currently owns around 5% stake in the company and serves as the chairman of the board of directors. In 2021, Mathrubootham launched a venture fund with a focus on backing early-stage software startups in India. Freshworks, founded in 2010, targets small and medium businesses with its CRM software and serves over 68,000 customers.
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Freshworks' CPO Prakash Ramamurthy resigns after 5 years
Inshorts
·
1y ago
Medial
Freshworks' Chief Product Officer Prakash Ramamurthy has resigned after working with the software company for nearly five years. He will remain in his role till October 1, following which he will provide advisory assistance to Freshworks through the end of the year, a filing stated. His resignation comes months after CEO Girish Mathrubootham stepped down from his role.
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