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Freee was founded by an ex-Google employee and counts Recruit Holdings and Line amongst its shareholders. It also operates in the SaaS segment and hence, is likely to draw ample attention. Furthermore, it has been growing fast through a combination of acquiring new customers and increasing ARPU. Although, it still remains far from being able to break even.
However, the company hasn’t provided a lot of the traditional SaaS metrics data. It has also modified some of the definitions to suit its own presentation needs. Hence, it’s not easy or straightforward to paint an accurate picture of how the company’s operations have been faring.
freee K. K. Pre-IPO - Has been growing fast but missing data points leave quite a few niggling doubts
freee K.K. (freee) aims to raise around US$300m in its mothers listing in Japan. Freee offers a cloud-native ERP platform encompassing a broad range of functions including accounting, invoicing, bill management, expense management, workflow management, payroll and time tracking. As of Sep 2019, it had 161,904 paying customers and an ARR of JPY5.7bn. It’s ERP platform consists primarily of two core solutions: Accounting freee and HR freee.Freee was founded by an ex-Google employee and counts Recruit Holdings and Line amongst its shareholders. It also operates in the SaaS segment and hence, is likely to draw ample attention. Furthermore, it has been growing fast through a combination of acquiring new customers and increasing ARPU. Although, it still remains far from being able to break even.
However, the company hasn’t provided a lot of the traditional SaaS metrics data. It has also modified some of the definitions to suit its own presentation needs. Hence, it’s not easy or straightforward to paint an accurate picture of how the company’s operations have been faring.
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Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Sumeet Singh
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