Chennai, NFAPost: Customer engagement software company Freshworks has been ranked No 16 on the Forbes 2020 Cloud 100, alongside other industry visionaries like Snowflake, Stripe, and Asana. This marks the fourth consecutive year Freshworks has been recognised on this list of the top 100 private cloud companies in the world, published by Forbes in partnership with Bessemer Venture Partners and Salesforce Ventures.
“With the world rushing to cloud technologies, Freshworks’ impressive showing on the Forbes Cloud 100 list means more than ever and separates our strategy from others in the space,” said Freshworks CEO and Founder Girish Mathrubootham.
“Our leap up the list is a testament to the creativity and perseverance of our entire team and the innovations we have made over the past year — underscoring that technology focused on building customers for life is more important than ever in these demanding times,” he added.
Freshworks first appeared on this list in 2017 at No 95, moving up to No 60 in 2018, No 40 in 2019 and now No 16 this year. As part of the rigorous selection process for the Forbes 2020 Cloud 100, Bessemer Venture Partners received submissions from hundreds of cloud startups. The Cloud 100 Judging Panel, made up of public cloud company CEOs, reviewed the data to select, score, and rank the top 100 private cloud companies from all over the world. The evaluation process involved ranking companies across four factors: market leadership (35%), estimated valuation (30%), operating metrics (20%), and people & culture (15%).
“The private cloud ecosystem continues to mature in light of rapid digital transformations, making the competition to land one of the coveted spots on the Cloud 100 list steeper than ever,” said Byron Deeter, a top cloud investor, and partner at Bessemer Venture Partners.
“Private cloud valuations are getting bigger as the market’s appetite for cloud continues to grow. Over the past five years, the average Cloud 100 valuation has grown by a tremendous 2.5x, from $1 billion in 2016 to $2.7 billion in 2020. In fact, our 2020 Cloud 100 includes over 87 private cloud unicorns! These founders represent the absolute best in cloud computing today, and they will most certainly follow in the footsteps of our esteemed Cloud 100 alumni,” he added.
“In the face of this unprecedented time, digital is an urgent imperative, and the pace of innovation is accelerating. Companies around the globe, across all industries must adopt cloud technologies to enable their digital transformation,” said Salesforce Ventures Managing Partner Matt Garratt.
“The opportunity is massive for the cloud — there are now more than 25 public SaaS companies valued at over $10 billion whereas even five years ago there were only three. Sectors from collaboration and security to retail and healthcare, are being disrupted and becoming more digital,” he added.
The Forbes 2020 Cloud 100 and 20 Rising Stars lists are published online at www.forbes.com/cloud100 and will appear in the September 2020 issue of Forbes magazine.
Freshworks provides innovative customer engagement software for businesses of all sizes, making it easy for teams to acquire, close and keep their customers for life. Freshworks SaaS products provide a 360-degree view of the customer, are ready to go, easy to use and offer quick return on investment. Headquartered in San Mateo, California, Freshworks’ over 3,000 team members work in offices throughout the world.