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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.
In my earlier note, freee K.K. pre-IPO - Has been growing fast but missing data points leave quite a few niggling doubts, I talked about the company’s background and analysed its past performance. I also spoke about how the company needs to provide more SaaS metrics data. In this note, I’ll compare the company’s operations with some of its peers to analyse how it stacks up against the competition.
Freee still has formidable competitors in its segment and doesn’t seem to have emerged as a market leader by any means. Thus, the battle for dominance is very much still on.
freee K. K. Pre-IPO - The battle is far from over
freee K.K. (freee) aims to raise around US$300m in its mothers listing in Japan. 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.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.
In my earlier note, freee K.K. pre-IPO - Has been growing fast but missing data points leave quite a few niggling doubts, I talked about the company’s background and analysed its past performance. I also spoke about how the company needs to provide more SaaS metrics data. In this note, I’ll compare the company’s operations with some of its peers to analyse how it stacks up against the competition.
Freee still has formidable competitors in its segment and doesn’t seem to have emerged as a market leader by any means. Thus, the battle for dominance is very much still on.
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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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