Inching closer to going pubic, California based software giant Freshworks Inc. has announced the appointment of Tyler Sloat, a veteran in the SaaS industry, as their Chief Financial Officer in a press release on Monday. Freshworks, founded by Girish Mathrubootham as a start-up in Chennai, India has more than 150,000 customers worldwide and has been surging ahead in growth for the past decade or so. The company is currently valued at $3.5 billion and has crossed over $200 million in annual recurring revenue last year, doubling from its previous performance in 2018.
“The market has changed, but the business fundamentals that fuel Freshworks sustained growth have not,” stated Sloat, who is charged with maintaining sustainable growth across its customer segments, overseeing all accounting, finance, legal and IT functions for the company. Adding, he said, “The company is uniquely positioned with a suite of affordable business products that deliver outstanding value. We are seeing increased demand for products that better automate customer support and IT services while helping teams work better remotely during this critical time.”
Having done his MBA degree from Stanford Graduate School of Business, Tyler worked successfully as CFO at Zuora Inc., working with a similar position and responsibility for about 10 years. Prior to Zuora, Sloat held executive finance roles at a variety of companies including NetApp and Siebel Systems.
“As we emerge from this new era, Freshworks will rally in support of businesses to help them navigate changing customer expectations and behaviors,” said Girish, Freshworks Founder and CEO. “Tyler brings a strong performance record, financial acumen, and strategic insight which is requisite to running a disciplined business model that also accelerates our ability to achieve a billion dollars in revenue in the coming years.”
The appointment also comes amid a legal battle that Freshworks is entangled in. Facing a lawsuit filed by rival company Zoho, Freshworks has been accused of stealing confidential customer data in February under misappropriation of trade secrets. It is notable that CEO Girish Mathrubootham was previously working as an employee of the same rival company. Zoho filed the case against Freshworks in a US District Court on March 17.