Freshworks Adds Muscle to Freshservice, Expands Partnership with Device42

Software as a service platform operator Freshworks Inc., (NASDAQ: FRSH) recently revealed that it enhanced its partnership with an asset management solutions provider, Device42, to give Freshservice customers “enterprise-grade asset management for enhanced business continuity.”

Following the news, shares of the company rose 3.8% to close at $19.07 in yesterday’s trading session. The stock is currently up 0.47% today.

Strategic Impact

The partnership will empower Freshworks’ core customer base of business enterprises with instantaneous information about complicated infrastructure and their relationships for precise service management and delivery.

Notably, automated discovery from Device42 flows into Freshservice in real-time, making way for advanced asset lifecycle management, efficient planning, and the quick resolution of critical problems.

Further, the partnership will allow Freshservice customers to purchase Device42 licenses straight from the company.

Management Commentary

The Chief Product Officer at Freshworks, Prakash Ramumurthy, said, “We’re now used to hybrid working environments with distributed IT teams, meaning the need for platforms that can deliver high service availability and reliability for employees is critical for digital transformation. Freshservice combined with Device42 means an ITSM solution to enable IT services and operations teams to keep business-critical services always on.”

Wall Street’s Take

Recently, Robert W. Baird analyst Robert Oliver reiterated a Buy rating on the stock with a price target of $40, which implies upside potential of 109.6% from current levels.

Consensus among analysts is a Strong Buy based on eight Buys and two Holds. The average Freshworks price target of $33 implies upside potential of 73% from current levels. Shares have declined ~60% over the past year.

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