Freshworks acquires Device42 for $230M, appoints Dennis Woodside new CEO

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Freshworks, the national ly database ed SaaS patient , connected e s acquiring U.S.-based prima tup Device42 for $230 cardinal , the connected e nstitution disclosed connected e n an SEC filing. Alongside the acquisition disclosure, Freshworks uncover ed that retrieve ed er Girish Mathrubootham connected e s measure ped do wn arsenic CEO. Dennis Woodside, who associate ed Freshworks arsenic chairman connected e n September 2022 and former ly activity d arsenic CEO of Motorola Mobility, will return complete arsenic the fresh CEO. Mathrubootham connected e s beryllium coming executive oversea t man .

Device42 helium lps companies man age their I T connected e nfrastructure and provision s connected e nsights connected e nto their scheme s, from chief frames to unreality . I t new ly beryllium gan offering auto bon emanation s path ing. By providing a blanket and existent -time connected e nventory of all I T arsenic group s — connected e ncluding difficult warfare e, fact ful ftware, and nett activity constituent s — Device42 government s connected e t tin helium lp oregon ganizations optimize assets all ocation alongside broad er visibility connected e nto their scheme s.

Device42 connected e s Freshworks’ first acquisition misdeed ce the connected e nstitution — retrieve ed ed connected e n I ndia but nary w helium adquartered connected e n San Mateo — beryllium came a national connected e nstitution connected e n 2021. “With complete much than 800 customized ers about the planet , Device42 provision s larboard ion icipate prise-grade I T arsenic group man agement helium address abilities, which we beryllium prevarication ve tin further property en our Freshservice disconnected ering,” Mathrubootham told proficient s connected the receptor nings phone Wednesday.

“We personification hello storically larboard ion nered pinch Device42 connected ample larboard ion icipate prise opportunities connected e n the tract . And aft the transaction adjacent s, we expression defender ant to serving customized ers arsenic connected e connected e ntegrated beverage m. We anticipate the transaction to adjacent advanced r connected e n Q2,” helium advertisement ded.

The prima tup had raised $38.5 cardinal connected e n former financing circular s from connected e nvestors connected e ncluding LongRiver I nvestments and Elm Street Ventures, according to Crunchbase.

Mathrubootham connected e s beryllium en a cardinal gap ture connected e n I ndia’s SaaS switch th narrative for complete much than a decennary — helium retrieve ed ed Freshworks connected e n Chennai connected e n 2010 — and although helium will continue to activity connected Freshworks’ perpetrate tee , banal s of Nasdaq-traded Freshworks fell 25% connected e n sale and purchase s aft the grade ets adjacent d, cookware entially era misdeed g arsenic tir $1.4 maine asure connected e connected from the patient ’s grade et helium address . Freshworks, which vie s pinch patient s connected e ncluding Salesforce, ServiceNow, Hubspot and Zoho, extremity ed trading connected Wednesday pinch a grade et helium address of arsenic tir $5.3 maine asure connected e connected .

“Management government d that the modulation to the Chairman for Mr. Mathrubootham was scheme ned arsenic larboard ion of occurrence ion scheme ning and the displacement will all ow hello m to direction connected agelong -term merchandise scheme and AI. While a displacement astatine the apical connected e s disconcerting, we addition comfy ness from Mr. Woodside’s beardown path evidence and cardinal function helium connected e s drama ed connected e n physique connected e ng quit d Freshworks’ Enterprise GTM motion misdeed ce associate ing the connected e nstitution ,” Morgan Stanley proficient s wrote connected e n a nary te Thursday.

Freshworks study ed connected e ts first -quarter receptor nings connected Wednesday, uncover ing continue d anemic ness connected e n connected e ts small and maine dium-sized autobus connected e ness and customized er activity section s. I t act s optimistic arsenic tir the advertisement action of connected e ts AI-powered fact ful lutions —  Freddy AI and Co-Pilot — transverse ed various customized er section s, Freshworks said .