Freshworks, the customer engagement software company, announced that, for the third consecutive year, the company has been named to the Forbes Cloud 100. This is the definitive list of the top 100 private cloud companies around the globe, published by Forbes in association with Bessemer Venture Partners and Salesforce Partners. Freshworks first appeared on the list in 2017 at No. 95, was ranked No. 60 in 2018, and moved up to No. 40 this year.
Freshworks CEO and founder, Girish Mathrubootham said that “Providing simple yet powerful customer engagement software has always been our main focus, and the market continues to embrace our approach. As our 2019 momentum continues, our latest jump in the Forbes Cloud 100 List completes a trifecta of analyst, customer and investor recognition we’ve received this year. Forbe’s just-released ranking comes on the heels of our technology landing in three Gartner Magic Quadrant reports and recognition from peer-review platform G2 Crowd.”
As part of the strict selection procedure for the Forbes 2019 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 information to select, score, and rank the top 100 private cloud businesses from all around the world. The assessment process involved ranking companies over four important factors, that are market leadership (35%), estimated valuation (30%), operating metrics (20%), and people & culture (15%).
Byron Deeter, a top cloud investor, and partner at Bessemer Venture Partners congratulated the founders of the organizations and said that the private cloud ecosystem has matured, making the competition to land one of the desired spots on the Cloud statistics 100 list steeper than ever. He further added that in fact, the average valuation of a company on Bessemer inaugural list just four years ago was $1 billion, while the average valuation on this year’s list spiked to $1.7 billion. Forbes 2019 Cloud 100 includes over 60 private cloud unicorns! These founders resemble the absolute best in cloud computing today, and they will most certainly follow in the footsteps of their esteemed Cloud 100 alumni. In total, already 25 Cloud 100 alumni have gone public, and more have been acquired for over $1 billion each.
Matt Garratt, Managing Partner, Salesforce Ventures said that there has been tremendous growth in the cloud market in past few years, as more and more companies have started adopting cloud technologies to enable their digital transformation and change how they run their business. The opportunity is massive in the cloud sector, which is apparent in both the public and private sectors. There are now more than 15 public SaaS companies valued at over $10B whereas half a decade back there were only 2. This growth is not only in selected areas, it’s all over the world.
Alex Konrad, Forbes editor of The Cloud 100 stated that for four years now, they have ranked the best and brightest emerging companies in the cloud sector. With so many companies growing rapidly in the cloud, from cybersecurity and marketing to data analytics and storage, it’s difficult than ever to make the Cloud 100 list, but with the more elite company. He also congratulated to the honorees of 2019 Cloud 100 and the 20 Rising Stars.