Freshworks, the SaaS industry-growing company, has hired Stacey Epstein as the CMO(Chief Marketing Officer). The company deals in Customer Relationship Management(CRM) software and is considered the main competitor of SalesForce.in the FY2020, Freshworks recorded $300 million in annual recurring revenue. With a $3.5 billion market cap, it is planning to start the Initial Public Offerings(IPO) very soon.
How will Epstein Help Freshworks?
In recent months, Freshworks has shown immense growth. To strengthen its portfolio further and make the coming IPO a grant success, veteran software executive Stacey Epstein is joining the company as its chief marketing officer. Despite the pandemic effect, the company is achieving new milestones and wants to achieve more through extra marketing efforts. Epstein will help the firm with the latest marketing strategies. With Epstein’s recruitment, Freshworks plans to achieve $1 billion annual revenue and a strong start to IPO.
Freshworks CEO Mathrubootham said:
“We started off primarily as a company with a lot of product-led growth and online acquisition — we have never actually invested a lot in marketing and brand building.”
Epstein has plenty of experience in the field of marketing service related to customers. She has worked with different CRM-based companies. ServiceMax was her latest assignment before joining Freshworks.
Epstein told Business Insider that her primary goal is “sharing this brand and the value of this solution with all of those companies that could really get value out of it.”
Freshworks provides sales, and marketing software to its clients. The company has a strong list of clients like Honda, Cisco, and American Express. It has raised a total of $399 million from different investors to make the market valuation $3.5 billion. The company plans to disrupt the CRM industry with its latest offerings.
Latest Hiring and Acquisitions of Freshworks
Recently, Freshworks is on a hiring spree. It has recently hired new chief financial officer Tyler Sloat, chief customer officer Pradeep Rathinam, chief product officer Prakash Ramamurthy, chief revenue officer José Morales. And the latest addition is Epstein.
“These new leaders will help get Freshworks to the next level through their experience building and growing companies.”
Talking about the public listing, the CEO said:
“We still have all the options open in front of us, whether it’s IPO or direct listing or SPAC. Going public is easy, staying public is harder. So we want to make sure that we have all the work done in terms of making sure that our systems are ready.”
Freshworks business saw an exponential surge during the pandemic. The company acquired two Artificial Intelligence-based startups to strengthen its portfolio further. These acquisitions will help the software firm to increase its AI capabilities.
Epstein was quite happy with the Freshworks growth and it motivated her to join the CRM-based company.
“I was very impressed with his ability years ago to really see around the corners,” Epstein said, “And see where there could really be some fresh thinking in kind of a legacy industry.”