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<ul><li>Freshworks became the first Indian software-as-a-service (SaaS) firm to get listed on a US exchange by raising $13 billion on its debut day.</li><li>The IPO created 500 crorepatis in India, 70 of them are under the age of 30.</li><li>There are many more reasons why the startup industry is cheering for the <keyword id="11167545" type="General" weightage="20" keywordseo="freshworks-ipo" source="Orion">Freshworks IPO</keyword>.</li></ul>Apparently, the startup world can’t keep calm because not everyday does an Indian software-as-a-service (SaaS) firm get listed on a US exchange by raising $13 billion dollars on its debut day. Icing on the cake is that the Freshworks IPO has also created a whole lot of wealth for its employees. 500 crorepatis (millionaires) in India, 70 of them are under the <a href="https://www.businessinsider.in/stock-market/news/freshworks-ipo-500-crorepatis-12-billion-market-cap-and-more-that-emerged-from-indias-first-saas-listing-at-nasdaq/articleshow/86445614.cms">age of 30</a>. Interestingly, Girish Mathrubootham, co-founder and chief executive officer of Freshworks, who is a big fan of Rajinikanth, names the opening ceremony event on Nasdaq as ‘Project Superstar’ in tribute to the famous Indian actor. There are many more reasons why the startup industry is cheering for the Freshworks IPO launch. Here are a few reactions from the India Inc: Freshworks IPO is a ‘snowball moment’ for India’s SaaS industry "An IPO is one more feather in Freshwork and Girish's hat! I strong believe they would build a long standing institution. The most gratifying part is to see the wealth created for their team, and energy they have helped propel in the India SAAS ecosystem - installing confidence in founders /to-be founders that great companies can be built from scratch. This is a snowball moment for India SAAS, and I am excited that we at Speciale are live and investing in this vibrant and growing startup ecosystem,” — Vishesh Rajaram, founder and managing partner of Speciale Invest This startup accelerator feels this is a Neeraj Chopra moment for the industry "Salesforce was the first SaaS IPO in the world in 2004. It served as a big inflection point for the entire SaaS Industry and which today, after 15 years, has an enterprise value of $2 trillion dollars. Freshworks - as the first Indian SaaS company to go IPO - acts as a similar inspiration to a growing number of SaaS startups from India. Every Indian SaaS founder is cherishing this moment just like the nation celebrated Neeraj Chopra winning Gold at the Olympics,” — Prasanna Krishnamoorthy, partner at Upekkha Value SaaS Accelerator Now the important question is who will achieve this feat next? "Successful listing of Freshworks on NASDAQ is a “Eureka” moment for the B2B SaaS sector in India which will inspire many upcoming start-ups to spread Indian product software across the globe. This feat by Freshworks showcases the potential for Indian SaaS start-ups to build globally disruptive technology product companies. It also showcases an immense amount of talent and the passion for entrepreneurship &amp; execution the Freshworks team embodies, and we (as in the Indian startup ecosystem) are eager to find out who will achieve this feat next,” — Ankur Bansal, cofounder and director at BlackSoil “Every SaaS founder in India would have a story or two about how they got inspired by Girish and the Freshworks story. Freshworks IPO makes the story they believed and got inspired by all the more real and their aspirations all the more possible. To the next 10 Indian SaaS IPOs!,” — Mayank Agarwal, cofounder at SendX “Freshworks has paved the path for future SaaS Companies that are building from India and selling globally. This is just a start of what we can see in the upcoming decade where a ton of Indian SaaS Companies will be going public. As Girish had mentioned yesterday that he feels like winning an Olympic medal, it is equivalent or more and motivates the next generation of SaaS Founders to build and go public,” — Harshit Agarwal, chief executive officer at Appknox SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/freshworks-ipo-500-crorepatis-12-billion-market-cap-and-more-that-emerged-from-indias-first-saas-listing-at-nasdaq/articleshow/86445614.cms">Freshworks IPO — 500 crorepatis, $12 billion market cap and more that emerged from India’s first SaaS listing at Nasdaq</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/voltas-havells-india-and-blue-star-stocks-have-gained-10-24-on-hopes-of-strong-demand-this-festive-season/articleshow/86448471.cms">Air conditioner brands Voltas, Blue Star, Havells rally ahead of festive season</a>

Landmark moment for this Rajinikanth fan’s SaaS startup on listing at US exchange

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Justin Sullivan/Getty ImagesOracle co-CEO Mark Hurd</div></div></div><ul class="summary-list"><li>Oracle co-CEO Mark Hurd says smaller "underfunded" players in the software-as-a-service market will "go away" amid a trend of consolidation in the industry. </li><li>Some analysts agreed with Hurd's view, saying the SaaS market will go through a period of consolidation.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Oracle co-CEO Mark Hurd on Wednesday said the tech giant has a "long list of underfunded competitors" in the software-as-a-service market that he predicted "will go away" in a couple of years.It's a striking statement from a tech behemoth that had been seen as taking a hit from the rise of software applications offered to businesses via the cloud, doing away with the high cost of setting up and maintaining applications on their own servers and data centers. But in a meeting via telephone with media at Oracle headquarters in Redwood City, Hurd touted Oracle's gains in the software-as-a-service industry, or SaaS, which he said will eventually be dominated by the big players."The SaaS market will consolidate," he said. "It will be a long tail, but many of the companies will go away."<h2>Rise of software-as-a-service</h2>SaaS makes it possible for businesses to pay for their software via a subscription, usually based on the number of users they want to grant access. This allows companies to cut costs associated with huge licensing fees for software that gets installed on their own servers, while also granting more flexibility.Oracle emerged as a dominant tech behemoth based on that original business model. But the Silicon Valley database giant has <a href="https://www.businessinsider.com/larry-ellison-oracle-amazon-web-services-database-earnings-2019-3">pivoted to focus more heavily on SaaS in the last few years</a> - a bright spot in its overall cloud business, which is otherwise <a href="https://www.zdnet.com/article/google-cloud-platform-breaks-into-leader-category-in-gartners-magic-quadrant/">widely seen as lagging behind the market-leading Amazon Web Services</a>.Oracle is now considered a major player in software-as-a-service, although it is still lagging Microsoft and Salesforce in the SaaS and cloud software market. That market totaled $107.5 billion in 2017, according to analyst firm IDC. In that same year, Microsoft led the SaaS pack with 9.3% market share, followed by Salesforce with 8.7% and Oracle with 4.1%. SAP was in fourth with 3.6%, followed by Google with 3.5%.But Hurd's prediction about "underfunded competitors" was affirmed by a couple of tech market industry analysts.<h2>Analysts see SaaS consolidation</h2>"Hurd's analysis is correct," Tim Bajarin, an analyst with Creative Strategies, told Business Insider. "Smaller SaaS companies are underfunded and will have trouble competing with the big players in this market. If they have unique technology they could become M&amp;A targets. It is expensive to market and serve the SaaS markets and being under-capitalized will hurt their chances to compete for the same businesses big SaaS companies go after today."Ray Wang, president of Constellation Research, agreed, saying: "We are still in a market of consolidation.""Buyers want to reduce the number of vendors they work with and the costs of having a large footprint," he told Business Insider. " There is also a lot of innovation at the edges that is happening so it's important to build ecosystems."The SaaS and cloud software market is also expected to grow dramatically in the next few years. IDC is forecasting the market to grow to $259.1 billion in 2022 with a compound annual growth rate of 19.2%, says spokesman Mike Shirer. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/game-of-thrones-season-8-episode-2-details-you-missed-2019-4">14 details you may have missed in 'Game of Thrones' season 8 episode 2</a></h3> <div> </div> </div>

Oracle CEO Mark Hurd says that consolidation is coming as 'underfunded' cloud software companies get bought up: 'Many of the companies will go away'

<div class="KonaFilter image-container no-rightrail"><div class="image on-image"><a href="https://www.facebook.com/songsaa/photos/a.288038534597534.68433.209409329127122/595991747135543/?type=3&amp;theater">Facebook/Song Saa Private Island</a>Song Saa Private Island spans both the islands of Koh Ouen and Koh Bong in Cambodia.</div></div>You shouldn't have to fight through crowds on your summer vacation. We've put together a list of 20 resorts, villas, and rental properties that are located on incredible private islands around the world. These range from all-inclusive hotels to accommodations that were created specifically for couples. From Fiji to the Florida Keys, here are 20 off-the-radar locations where you can have an unforgettable private getaway. While some of these properties are the only ones on an entire island, others share their space with a few other guests.

20 resorts and villas where you can have a private island practically all to yourself

<ul><li><keyword id="4621694" type="General" weightage="20" keywordseo="freshworks" source="Orion">Freshworks</keyword> made its debut in the US-based Nasdaq on September 22 and it is the first Indian SaaS company to do so.</li><li>Freshworks was the first Indian SaaS company to achieve a billion dollar valuation, in 2019.</li><li>The company has now crossed a $10 billion valuation, thanks to its public listing.</li></ul>The Indian software-as-a-service (SaaS) industry had already been growing exponentially since last year, but Freshworks’ public listing at Nasdaq has taken it all to another level. The company, which makes customer engagement software for businesses, was valued at a whopping<a href="https://www.businessinsider.in/stock-market/news/freshworks-ipo-500-crorepatis-12-billion-market-cap-and-more-that-emerged-from-indias-first-saas-listing-at-nasdaq/articleshow/86445614.cms"> $12.2 billion </a>after it opened 21% above the initial offering price of $36 apiece. Freshworks sold 28.5 million common shares, hitting an intraday high of $48.75 on September 22. Freshworks was founded over a decade ago by <keyword id="2167965" type="General" weightage="20" keywordseo="girish-mathrubootham" source="Orion">Girish Mathrubootham</keyword> and <keyword id="2167964" type="General" weightage="20" keywordseo="shan-krishnasamy" source="Orion">Shan Krishnasamy</keyword>. Both the co-founders were former employees of Zoho Corp, which too is one of the biggest SaaS companies in India. Both Zoho Corp and Freshworks are rivals and the biggest players in this industry. Here is a glimpse of Freshworks’ journey so far: <table class="redcator-table-advance" style="border-width: initial; border-style: none; background-color: rgb(255, 255, 255); font-size: 16px; line-height: 1.6em; box-shadow: none; width: 910.922px; font-family: Merriweather; padding-bottom: 10px !important; background-image: inherit !important; background-position: inherit !important; background-size: inherit !important; background-repeat: inherit !important; background-attachment: inherit !important; background-origin: inherit !important; background-clip: inherit !important;"></colgroup><tbody><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Year </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Development </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Early 2010 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Girish Mathrubootham decided to start his entrepreneurial journey. Shan Krishnasamy too decided to join this venture as a co-founder. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">October 2010 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Mathrubootham and Krishnasamy resigned from Zoho Corp. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">December 2010 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Freshworks, then known as Freshdesk, incorporated in the USA due to lack of recurring payment solutions in India. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">March 2011 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Created a team of six people — three developers, one UI/UX designer, one customer acquisition/support engineer and Mathrubootham himself as product manager and CEO. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">December 2011 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Raised $1 million in a funding* round led by Accel. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">August 2015 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Acquired co-browsing and live video chat provider 1CLICK.io. This was Freshdesk’s first acquisition. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">August 2015 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">The company crossed 50,000 customers. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">June 2017 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Freshdesk rebranded to Freshworks. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">June 2017 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">The platform was used by 100,000 companies in 145 countries. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">December 2018 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Freshworks turned unicorn, after raising $100 million at a valuation of more than a billion dollars. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">November 2019 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Freshworks valued at $3.5 billion, after raising $150 million. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">November 2019 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">It crossed 150,000 customers. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">March 2020 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Zoho Corp filed a lawsuit alleging that Freshworks stole confidential information and built a business out of it. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">August 2021 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Freshworks filed for $100 million IPO in USA </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">September 2021 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Freshworks made its debut on Nasdaq and its valuation touched $12 billion. </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>*Freshworks has raised one funding round every year since 2011. There was a year-long break in 2017, when the SaaS firm did not raise any capital. Freshworks and Zoho’s rivalry took a serious turn in 2020, when Zoho filed a lawsuit <a href="https://economictimes.indiatimes.com/tech/startups/zoho-says-freshworks-intentionally-accessed-database-in-new-us-lawsuit/articleshow/79413070.cms">alleging</a> that Freshworks stole confidential information and built a business out of it. Vembu-led company has also accused Freshworks of poaching its employees and customers. The battle is still ongoing. According to a report by investment firm Chiratae Ventures and consulting firm Zinnov last month, the Indian SaaS segment has the potential to clock a total turnover of <a href="https://www.businessinsider.in/business/startups/news/india-software-service-sector-needs-more-than-200000-employees-by-2025/articleshow/84632003.cms">$75 billion</a> by 2025. Companies like Zoho, Freshworks, and others are expected to be at the forefront of it. Freshworks was the first Indian SaaS company to achieve a billion dollar valuation, in 2019. A year later, the company closed another round at a valuation of $3.5 billion. It is backed by some of the prominent investors across the globe — Sequoia Capital, Tiger Global, Accel, Steadview, CapitalG and more. The company raised another billion dollars through its public issue. It’s valuation also increased over three times to $12.2 billion. The SaaS giant has acquired 13 companies to date including AnswerI1Q, Flint, CanvasFlip, Natero, and Zarget, among others. "I feel like an Indian athlete who has won a gold medal at the Olympics. We are showing the world what a global product company from India can achieve,” Mathrubootham said, in an <a href="https://www.moneycontrol.com/news/business/freshworks-ipo-creates-more-than-500-crorepatis-in-india-with-70-of-them-aged-below-30-7496681.html">interaction </a>with Moneycontrol. He further claimed that the <keyword id="11167545" type="General" weightage="20" keywordseo="freshworks-ipo" source="Orion">Freshworks IPO</keyword> has made 500 crorepatis in India, 70 of which are under 30. SEE ALSO <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-and-airtel-need-tariff-hikes-agr-moratorium-might-not-be-enough-say-analysts/articleshow/86285450.cms">Vodafone Idea and Airtel need tariff hikes, AGR moratorium might not be enough, say analysts</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-vodafone-idea-and-jio-welcome-telecom-relief-package-but-analysts-are-divided-on-whether-it-is-enough/articleshow/86252002.cms">Airtel, Vodafone Idea and Jio welcome telecom relief package, but analysts are divided on whether it is enough</a> <a href="https://www.businessinsider.in/business/corporates/news/airtel-challenges-telecom-departments-demand-of-1400-crore/articleshow/86260516.cms">Airtel challenges telecom department's demand of ₹1,400 crore</a>

The success story of India’s first SaaS company to be listed in Nasdaq

<ul><li>Shares of <keyword id="12421232" type="General" weightage="20" keywordseo="rategain-travel-technologies" source="Orion">RateGain Travel Technologies</keyword> list at ₹364.80 while the shares were allotted at ₹405 per share.</li><li>The IPO was subscribed 17.41 times on the last day of the bidding.</li><li>The market capitalisation of the company stood at ₹3,894 crore.</li></ul>Shares of RateGain Travel Technologies, a software-as-a-service (SaaS) platform, made a weak listing on the National Stock Exchange (NSE) and BSE at 10% discount on the issue price of ₹405 apiece. Post-listing, the market capitalisation of the company stood at ₹3,894 crore, according to BSE data. The shares of RateGain were trading at ₹373.85, lower by 12% at 10.08 a.m., on December 17. The grey market had indicated a decent listing for RateGain a day prior to the listing with a ₹30 premium per share. The IPO was open between December 7 and December 9 ⁠and was oversubscribed 17.41 times by investors. The company intended to raise ₹1,335 crore through this public issue. The company is one of the leading distribution technology companies globally, which runs a software-as-a-service (SaaS) platform that solely focuses on the travel and hospitality segment. Founded in 2004 by Bhanu Chopra, RateGain offers travel and hospitality software solutions. Its software covers an entire set of data points including pricing, rating, ranking, availability, room description, cancellation policy, discounting and packages, among other things. The company has over 1,434 customers — across the hotel, hospitality and online travel agency (OTA) segment — spread across 110 countries. Its clientele includes Lemon Tree, InterContinental Hotels Group, Kessler Collection, GroupOn and Sabre GLBL. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/these-8-ipos-of-2021-more-than-doubled-investors-money-so-far/slidelist/88327505.cms">Easy Trip Planners, Macrotech Developers, Barbeque Nation among top 2021 IPOs that delivered up to 175% returns during the year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/gujarat-fluorochem-indiabulls-housing-finance-irctc-and-other-hot-stocks-on-december-17/slidelist/88330680.cms">Gujarat Fluorochem, Indiabulls Housing Finance, IRCTC and other hot stocks on December 17</a>

RateGain Travel Technologies makes a disappointing listing at 10% discount

Global VC firm <keyword id="48032" type="General" weightage="80" keywordseo="blackstone" source="Orion">Blackstone</keyword> on Monday reached a definitive agreement to sell its stake in the Kerala-based software-as-a-service (<keyword id="6395918" type="General" weightage="20" keywordseo="SaaS" source="Orion">SaaS</keyword>) provider <keyword id="95627" type="General" weightage="80" keywordseo="ibs-software" source="Orion">IBS Software</keyword> to global private equity firm Apax for $450 million. Following the transaction, Apax will partner closely with <keyword id="128946" type="General" weightage="100" keywordseo="ibs" source="Orion">IBS</keyword> Software's Founder and Executive Chairman, V.K. Mathews, who will remain the majority shareholder. Founded in 1997, IBS Software provides next-generation SaaS solutions that power the most mission-critical operations at the world's leading aviation, tour and cruise, hospitality, and logistics companies. Backed by a team of 4000 professionals across the world with more than 25 years of deep domain expertise, IBS Software's scalable, cloud-native platform and demonstrated market leadership position it to define the future of mission-critical technology for the travel industry. "This investment is an endorsement of our strategy and our commitment and contribution to the industry, and we have a shared vision with Apax for the future of the business. We're grateful to the Blackstone team for their invaluable support over the years and we look forward to an exciting and fulfilling journey ahead with Apax," said Mathews of IBS Software. The transaction is expected to close by the end of Q2 2023. Blackstone acquired about 40 per cent stake in IBS Software, from <keyword id="6375561" type="General" weightage="50" keywordseo="general-atlantic" source="Orion">General Atlantic</keyword>, in 2015 for $170 million. "Having closely monitored the travel software sector over the last several years, IBS Software stood out to us as uniquely positioned in the industry, offering a next-gen software suite that we believe is truly unrivalled," said Jason Wright, Partner, Apax. Amit Dixit, Head of Asia Private Equity, Blackstone added that they are happy to have played an important role in IBS Software's transformation to a SaaS company with global leadership in travel and logistics. "IBS is already one of the largest enterprise SaaS companies out of India. Value creation at IBS Software demonstrates our business-building approach to investing and reinforces our conviction in Technology as a sectoral theme," Dixit added. SEE ALSO: <a href="https://www.businessinsider.in/sports/news/lowest-scores-in-ipl-history-rajasthan-royals-joins-the-list-with-59-runs/slidelist/100249661.cms">Lowest scores in IPL history – Rajasthan Royals joins the list with 59 runs</a> <a href="https://www.businessinsider.in/tech/news/8-things-that-google-bard-can-do-but-chatgpt-cannot/articleshow/100187360.cms">8 things that Google Bard can do, but ChatGPT cannot</a> <a href="https://www.businessinsider.in/tech/mobile/news/how-to-track-and-block-your-lost-smartphones-using-the-sanchar-saathi-portal/articleshow/100242116.cms">How to track and block your lost smartphones using the Sanchar Saathi portal</a>

Blackstone sells stake worth $450 mn in Indian firm IBS Software to Apax

<ul><li><keyword id="2645087" type="General" weightage="20" keywordseo="rategain" source="Orion">RateGain</keyword> intends to raise ₹1,335 crore through this public issue.</li><li>RateGain is seeking a valuation of $600 million at the upper end of the price band.</li><li>It is a SaaS platform, which solely focuses on the travel and hospitality segment. </li></ul>The initial public offering (IPO) of RateGain Travel Technologies has been subscribed 75% on the second day of its public issue. The issue will open for subscription for the last time today, December 9. The portion reserved for retail investors has been fully subscribed, whereas the portion reserved for qualified institutional investors has not received any bidding so far. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investor Category </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscription (times) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified Institutions </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.00 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non-Institutional Buyers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.08 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail Investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.98 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Employees </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.72 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.75 </td></tr></tbody></table> The software-as-a-services (SaaS) platform, which solely focuses on the travel and hospitality segment, intends to raise ₹1,335 crore through this public issue. The capital will be raised through both fresh issue and offer for sale (OFS) by existing shareholders of the company. The company will likely list on the<a href="https://www.businessinsider.in/business/news/rategains-ipo-opens-today-grey-market-premium-at-85/articleshow/88126120.cms"> stock exchange on December 17</a>. The price range of RateGain’s IPO has been set at ₹405-₹425. The minimum lot size is 35 shares, meaning a retail investor would have to shell out ₹14,875 to buy one lot. The grey market premium (GMP), premium at which investors are comfortable buying the shares before it gets listed on a stock exchange, was at ₹78 on December 8. RateGain is seeking a valuation of ₹4,537 crore (about $600 million) at the upper end of the price band. Founded in 2004 by Bhanu Chopra, RateGain offers travel and hospitality software solutions. It’s softwares covers an entire set of data points including pricing, rating, ranking, availability, room description, cancellation policy, discounting and packages, among other things. The company has over 1,434 customers — across the hotel, hospitality and online travel agency (OTA) segment — spread across 110 countries. It’s clientele includes Lemon Tree, InterContinental Hotels Group, Kessler Collection, GroupOn and Sabre GLBL. Stock brokerages — including Reliance Securities, Prabhudas Lilladher, Arihant Capital, Aditya Birla Capital — have recommended <a href="https://www.businessinsider.in/business/news/saas-firm-rategains-ipo-opens-tomorrow-should-you-invest/articleshow/88125982.cms">subscribing to the issue</a>. “While there is no listed peer available for a direct comparison to RateGain in the domestic market, its valuations at ~50% discount to unicorns like Zomato and Paytm give comfort on the valuation front. In the new era of internet and AI [artificial intelligence]-based software services, we believe the premium valuation of the company is likely to sustain,” Reliance Securities said in its latest report. A unicorn, in startup parlance, is a firm valued at or over a billion dollars. SEE ALSO <a href="https://www.businessinsider.in/business/news/zoho-freshworks-and-top-indian-saas-companies-have-given-500-entrepreneurs-to-the-indian-startup-ecosystem/articleshow/88145310.cms" data-type="tilCustomLink">Zoho, Freshworks and top Indian SaaS companies have given 500 entrepreneurs to the Indian startup ecosystem</a> <a href="https://www.businessinsider.in/investment/news/humanoid-robot-sophia-is-entering-the-metaverse-with-intelligent-nfts/articleshow/88156738.cms" data-type="tilCustomLink">Humanoid robot Sophia is entering the metaverse with ‘intelligent’ NFTs</a> <a href="https://www.businessinsider.in/policy/news/here-is-what-to-expect-from-the-rbi-monetary-policy-today/slidelist/88150941.cms" data-type="tilCustomLink">Six charts explain what the market expects from the RBI’s monetary policy review</a>

It’s the last day to subscribe to RateGain’s IPO — GMP at ₹78

<div class="KonaFilter image-container display-table"><div><div class="image on-image">CapicheCapiche CEO, Austin Smith</div></div></div><ul class="summary-list"><li>This week, the startup company, <a href="https://capiche.com/">Capiche</a> (pronounced kuh-peesh), launched in the hopes of bringing more transparency to the <keyword id="6356323" type="UNKNOWN" weightage="100" keywordseo="enterprise">enterprise</keyword> software industry and changing how businesses get their information about SaaS pricing. </li><li>"The more information we can share [about pricing], I think it will help nudge the industry towards fairer and more transparent policies," Austin Smith, Capiche founder and CEO, told Business Insider in a recent interview. </li><li>Smith likens his vision for Capiche to what the job review site, <a href="https://www.glassdoor.com/index.htm">Glassdoor</a>, created for job seekers -shedding light on company culture and average wages. </li><li>Smith said that so far, in-depth, stories have proven to be more useful than trying to aggregate pricing data into charts and graphs since normalizing the data for SaaS products can be extremely difficult.</li><li>Within eight hours of its website going live on Tuesday, Smith said, already 300 people had submitted pricing stories. </li><li>Capiche raised a $450,000 angel round, which closed this June, with participation from the likes of Inside.com CEO and serial angel investor Jason Calacanis and HubSpot cofounder and CTO Dharmesh Shah. </li><li>"I think there's clearly a flywheel that can happen here," Smith said. "People like to share this stuff." </li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories</a>.</li></ul>Pricing for enterprise software is notoriously opaque.Instead of listing their prices online, most software-as-a-service (or, SaaS) companies will simply say, "Call us." And unfortunately, that approach - which on the outset, may seem more personal - has created some major problems. This week, the startup company, <a href="https://capiche.com/">Capiche</a> (pronounced kah-peesh), launched in the hopes of bringing more transparency to the enterprise software industry and changing how businesses get their information about SaaS pricing. "The pricing for most SaaS products that's done over sales calls comes down to, 'How much can we get out of this customer?' It's not just, 'Here's what we charge,'" Austin Smith, Capiche founder and CEO, told Business Insider in a recent interview. "The more information we can share [about pricing], I think it will help nudge the industry towards fairer and more transparent policies." To start, Capiche will focus on collecting reviews, or what Smith calls "pricing stories," from its users about their sales experiences with particular SaaS companies, especially regarding information about costs. Smith likens his vision for Capiche to what the job review site, <a href="https://www.glassdoor.com/index.htm">Glassdoor</a>, created for job seekers. "Before Glassdoor was around, it was really, really hard to know, "Is this offer I have in front of me good?" Smith said. "Now anyone across pretty much any company can see - Am I getting paid the right amount and how does that compare with other people in my industry?" Smith said that so far, in-depth, stories have proven to be more useful than trying to aggregate pricing data into charts and graphs since normalizing the data for SaaS products can be extremely difficult. Two companies that are using <a href="https://www.businessinsider.com/category/salesforce">Salesforce</a>, for example, will rarely have the exact same add-on features enabled, and so comparing what each is paying would be like comparing "apples to oranges," Smith said. Instead, pricing stories give businesses a sense for what others are paying, while offering helpful insights. Already, one user shared that by simply calling and speaking to a sales rep at the email marketing company Sendgrid, they were offered $250 off per month compared to the self-serve price available online. Also, they said, by "holding out" until the end of the month to sign a contract, their Sendgrid sales rep offered them an additional $250 off per month to help close the deal. In the end, the user said they were able to get their Sendgrid pricing down from $2,000 to $1,500 per month for a company that sends five million emails per month.<div class="KonaFilter image-container display-table"><div><div class="image on-image">CapicheCapiche lets businesses share stories about what they pay for SaaS software so others can know if they're getting a fair price.</div></div></div>Popular software review sites - like <a href="https://www.g2.com/">G2</a> and <a href="https://www.capterra.com/">Capterra</a> - exist today, though Smith said those sites often charge companies to make their landing pages look snazzier and rank higher. As a result, it's not always the best or most popular products that users will see, but those who paid review sites the most money. Smith said he hasn't decided on a definite monetization strategy for Capiche, but it will likely not include SaaS companies paying for placement. Also, Smith said, reviewers for sites today are often incentivized by things like Visa or Amazon gift cards in exchange for writing about a product. With Capiche, Smith hopes he can create more of a "community" of experts who leave reviews on their own accord. In fact, to access the information on Capiche today, users need to submit their own reviews for at least three products they currently use. Within eight hours of its website going live on Tuesday, Smith said, 300 people had submitted pricing stories. "I think there's clearly a flywheel that can happen here," Smith said. "People like to share this stuff." <h2>"Obviously there's a pricing problem"</h2>For the longtime entrepreneur - who was previously the president of <a href="https://inside.com/">Inside.com</a>, an email newsletter company - trying to figure out the best pricing for enterprise software has been a major pain point for him over the years. It's also an issue he's seen first hand for other startup founders."I see it all the time on VC listserves where someone will send a question to the other founders in a portfolio and say, 'What's everyone else paying for Salesforce?'" Smith said. "And then, people are really happy to share it." Read more: <a href="https://www.businessinsider.com/pitch-deck-for-corporate-gifting-startup-alyce-series-a-2019-8" data-analytics-position="1">Here's the pitch deck that helped this Boston-based entrepreneur raise over $11 million to help sales reps form better relationships with clients through gifts</a>To help finance his early endeavors with Capiche, Smith raised a $450,000 angel round, which closed this June, with participation from the likes of Inside.com CEO and serial angel investor Jason Calacanis, HubSpot cofounder and CTO Dharmesh Shah, and Half Court Ventures partner Rob May. "When consumers have to make a considered purchase they do a lot of research online," Calacanis told Business Insider, regarding the reasons he decided to invest in Capiche. "If you're going to travel or buy a car or pick a college, anything that's super considered, where you're investing a lot of time or money, you're going to want to make a good decision." Calacanis said there are other review sites out there, like Capterra, but none are taking Capiche's approach of in-depth reviews, focused on price. And pricing, he says, is one of the leading considerations when companies are considering a new SaaS product. "You need only look at the Google searches," Calacanis said, in reference to typing in popular SaaS products like Slack or Salesforce or Zendesk into Google. Pricing, he said, is typically at the top of the list of suggested searches. "People want to understand the pricing," Calacanis said. "Obviously there's a pricing problem." <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/mexico-buy-legal-gun-store-2015-8">Mexico has just one store where you can legally buy a gun and it's located on a heavily-guarded military base</a></h3> <div> </div> </div>

This startup wants to turn the cloud software business on its head with a new site that encourages customers to share how much they're paying

<ul><li>Riding on the tech and digital wave, startups in India are hiring for technical roles. </li><li>Check out the new jobs listed at Jio, Unacademy, Icertis, Freshworks, and more. </li><li>Check out all the news and headlines at <a href="https://www.businessinsider.in/">Business Insider.</a></li></ul>As the Indian startup ecosystem recovers rapidly from the COVID-19 pandemic, hirings are in full swing. With a focus on digital transformation and growing technological progress, startups in India are hiring for technical roles. According to Naukri.com’s hiring activity report from November, the top searched keywords on the Naukri platform are Java Developer, Manual Testing and Business Analyst. Meanwhile, the top cities in recruitment mode are Bengaluru (22%), Delhi (13%), Hyderabad (9%), Pune (9%) and Chennai (7%). Here’s a look at some of the interesting jobs listed in the startup sector Unacademy is hiring in full swing, from Senior Product Manager to Analyst for Consumer Insights Indian edtech unicorn Unacademy has multiple job listings open on LinkedIn. The startup, which is riding on the edtech wave in India, is looking to fill multiple roles like Senior Product Manager, Senior Executive - Consumer Insights, Lead - Product Security, Manager Taxation, among others. You can find the job listings and requirements <a href="https://www.linkedin.com/company/unacademy/jobs/">here</a>. Jio’s tech hiring is on Reliance Jio is hiring for multiple technology-driven roles. The digital platform is hiring across its Mumbai and Hyderabad offices for roles like Senior Data Scientist, Big Data Developer, Cloud Solution Architect, Senior Compliance Officer, among others. You can take a look at the listings and requirements <a href="https://www.linkedin.com/company/jio/jobs/">here</a> GPT-3 developers needed Top venture capitalist firm Lightspeed Partners’ India’s partner Hemant Mohapatra posted a rather interesting job requirement on Thursday morning. The VC posted a requirement for GPT-3 developers on Twitter. <div type="twitter" handle="MohapatraHemant" handlename="Hemant Mohapatra" image="http://pbs.twimg.com/profile_images/1259870866365693953/SenCprAA_normal.jpg" favoritecount="15" retweetcount="7" status="Looking for GPT-3 devs for technical lead roles - please DM if you are one / know someone. Remote OK! 🙏" createdat="1608175702000" id="1339412090717519873"></div> GPT-3 is Generative Pre-trained Transformer 3, the latest tech trend which has taken over the world. GPT-3 is an autoregressive language model that produces human-like text by using deep learning. Freshworks has multiple tech and non-tech openings Indian SaaS giant Freshworks has multiple openings listed across its US and India offices. The startup is looking for Product Managers, Engagement Managers, Community Marketing Specialists, Business Analysts and more. The startup is also looking to hire interns. You can check out all the openings <a href="https://www.linkedin.com/company/freshworks-inc/jobs/">here.</a> Icertis is looking to hire for tech and sales Another Indian <a href="https://www.businessinsider.in/careers/news/icertis-helps-google-microsoft-and-apple-manage-their-contracts-is-hiring-for-techies-and-people-in-sales/articleshow/79640659.cms">SaaS unicorn Icertis </a>is hiring for multiple roles. The startup has openings for roles like Chief Alliance Officer, Director - Customer Advocacy, Senior Director - Product Manager, UX Architect and more. The startup is looking to hire for its India and US offices. You can check out the job listings <a href="https://www.linkedin.com/company/icertis/jobs/">here</a>. SEE ALSO: <a href="https://www.businessinsider.in/business/news/india-has-a-hot-new-debate-on-its-plate-should-the-likes-of-burger-king-kfc-and-mcdonalds-menus-mention-calories/articleshow/79771040.cms">India has a hot new debate on its plate: Should the likes of Burger King, KFC and McDonald’s menus mention calories?</a>

From Unacademy to Jio and Freshworks – check out the hot new tech job openings in India

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Mike Windle/Getty ImagesSalesforce CEO Marc Benioff</div></div></div><ul><li>Software as a Service (SaaS) companies like Salesforce and Workday could see their enteprise values double by 2020 if they focus on growing margins, Morgan Stanley forecasts.</li><li>Among 32 companies with similar profiles, Morgan Stanley projects a 21% growth in annual revenue, and 40% growth collectively in terms of earnings before interest and taxes (EBIT) by 2022. </li><li>Salesforce (CRM), ServiceNow (NOW), Proofpoint (PFPT), RealPage (RP), Workday (WDAY), and Veeva Systems (VEEV) are forecast to see the biggest gains. </li></ul> Cloud-based software companies like Salesforce and Workday could see their values double in the next four years thanks to unique opportunities among this breed of tech companies to boost profit margins, according to the Morgan Stanley report published on Tuesday.Analysts at Morgan Stanley wrote that while Software as a Service (SaaS) stocks may look expensive to investors under most traditional valuation metrics (such as price-earnings ratios), this ignores the real potential of cloud-based software companies that have recurring-revenue businesses.<div title="Page 6">"Across our coverage group of 32 subscription-based models, we saw an average 30% revenue growth in 2017 (29% median)," the report says. That strong topline growth, combined with the improving efficiencies inherent in subscription software businesses translates into lots of room for operating margins to grow. Morgan Stanley has even coined a name for its SaaS company valuation model: Margin Medicine, which it defines as a framework for "for projecting efficiency improvements in subscription revenue models." Companies in this group could see 40% growth in terms of earnings before interest and taxes (EBIT). Collectively, these companies generate $3 billion in EBIT, which Morgan Stanley forecasts will grow to $16 billion in EBIT by 2022.Among the stocks Morgan Stanley marks as most likely to see gains are Salesforce (CRM), ServiceNow (NOW), Proofpoint (PFPT), RealPage (RP), and Workday (WDAY), and Veeva Systems (VEEV).<h2>5 key ingredients</h2>Morgan Stanley lists five factors that it believes will combine to provide a 30% point average boost in operating margins at SaaS companies:<ol><li>Sales and Marketing efficiency, as headcount growth slows </li><li>Shifting in revenue mix towards subscription revenue instead of professional services</li><li>Spreading R&amp;D investments across a broader group of customers</li><li>Savings in General and Administrative costs</li><li>Improving subscription renewal rates from <keyword id="6356323" type="ENTERTAINMENT" weightage="100" keywordseo="Enterprise">enterprise</keyword> customers</li></ol><div title="Page 8"><div><div>"Across our 32 recurring revenue software companies, we see significant room for revenue growth and profitability expansion," the report says. </div></div></div>With these gains, some of the SaaS companies could double in enterprise value, Morgan Stanley says.Here are the 32 companies included in its analysis: 8x8 Inc., AppFolio, Appian, Box, Cloudera, Coupa Software, Castlight Health, EllieMae, Five9, GoDaddy, HubSpot, Instructure, Mindbody, Medidata Solutions, MongoDB, New Relic, Proofpoint, Qualys, Q2 Holdings, RealPage, Red Hat, RingCentral, Salesforce.com, SendGrid, ServiceNow, Shopify, Sophos Group, Veeva Systems, Workday, Workiva, Yext, Zendesk.</div> Visit <a href="http://markets.businessinsider.com/">Markets Insider</a> for constantly updated market quotes for individual stocks, ETFs, indices, commodities and currencies traded around the world. <a href="http://markets.businessinsider.com/">Go Now!</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/myths-earth-true-science-2016-4">5 common 'facts' about Earth that everyone gets wrong</a></h3> <div> </div> </div>

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