SugarCRM raises $33m to further expansion into enterpriseApril 10, 2012 No Comments
SugarCRM, the world’s fastest-growing customer relationship management (CRM) company, today announced it has completed a $33 million equity and debt financing round. SugarCRM will use the funds to continue its advancement into the enterprise market and to pursue strategic business opportunities.
“NEA supports SugarCRM’s vision to drive increased CRM adoption by offering affordable and easy to use CRM solutions to its customers,” said Brooke Seawell, Venture Partner at NEA. “We believe SugarCRM is uniquely positioned to serve the market and continue to generate impressive results.”
Driven by increased global adoption of SugarCRM and new product capabilities enabling the company’s advancement into the enterprise market, SugarCRM saw strong financial performance in 2011, achieving 67 percent top-line billings growth.
In addition, the company added more than 2700 new companies around the globe to its impressive customer roster last year alone. With more than one million users and 370 channel partners, SugarCRM is now the third most widely used CRM solution in the world.
“In 2011 we saw demand for CRM solutions grow exponentially with an increased number of enterprise companies looking for an open and flexible CRM platform that can effectively scale with their growing businesses. Our growth was up 67 percent last year, and we are off to a great start in 2012,” said Larry Augustin, CEO of SugarCRM. “Adding Brooke’s experience and talent to our Board will help us drive the company to the next level. We are excited to continue our expansion into the enterprise space and are privileged to have the strong support of top investors that have domain expertise in the CRM market and who support our mission.”News, OPEN SOURCE, SOCIAL BUSINESS