Freshworks acquires Device42 and appoints new CEO

In connection with the release of Freshworks 's quarterly report for Q1, the company also announced that it intends to acquire the US-based startup Device42 for USD 230 million.

Device42 helps companies manage their IT infrastructure and gain better insight into their systems. By providing a comprehensive, real-time inventory of all IT assets - including hardware, software and network components - it enables organizations to optimize their resource allocation. This is Freshworks first acquisition since the company went public in 2021.

- "With more than 800 customers around the world, Device42 provides enterprise-class IT asset management capabilities, which we believe can further strengthen our Freshservice offering," said founder Girish Mathrubootham in a statement.

- We have historically partnered with Device42 in this area, and following the completion of the acquisition, we look forward to serving customers as an integrated team. We expect the acquisition to be finalized later in Q2," he added.

 Alongside the acquisition announcement, Freshworks also announced that founder Girish Mathrubootham is stepping down as CEO. Mathrubootham will instead become executive chairman of the board and the role of CEO will be taken over by Dennis Woodside.