Hosted Contact Center Featured Article

Goldman Sachs Invests $40 Million in SugarCRM

August 28, 2013

By Rahul Arora,
TMCnet Contributor

SugarCRM (News - Alert) recently announced that it has raised $40 million of financing in a round led by Goldman Sachs & Co. As a result of the equity investment by Goldman Sachs & Co., the company’s vice president Antoine Munfa will now be a member of SugarCRM’s Board of Directors. Piper Jaffray & Co. served as SugarCRM’s financial advisor during the funding transaction.

SugarCRM is an integrated solution designed to help users who interact with customers to better understand and engage their customer, so that every connection drives value. SugarCRM’s open Customer Relationship Management (CRM) platform aims to deliver the agility, flexibility, and security required to equip each customer facing professional with the information and tools they need to know their customers better, do their job better, and deliver a consistent, superior customer experience across the organization. The company’s applications have been downloaded more than 12 million times, helping over 1.2 million end users across various industries.

 “SugarCRM’s market momentum is being fueled by the global demand for more affordable, next-generation CRM systems designed for the individual user. Because we remain laser focused on bringing innovative solutions to the individual contributor first, while delivering superior value for our customers, we are driving increased interest in CRM in the enterprise market,” said Larry Augustin, CEO of SugarCRM. “The company’s consecutive quarter-over-quarter growth, our expanding roster of more than 6,500 customer organizations, and today’s funding all serve as proof that our strategy serves a key market need. This funding surpasses all the investments we have received to date, and we will use this capital to expand our global reach, drive channel growth, and continue our product development.”

“The CRM market is ripe for technologies and products that change the face of how enterprises conduct business with their customers. SugarCRM, with its user-centric vision and product design, has stepped up to meet a real market need,” added Antoine Munfa, vice president, Goldman Sachs. “As social and mobile continue to become a defining force in business, we believe SugarCRM is very well positioned as a leading enterprise CRM player. I look forward to working with the team.”

Edited by Blaise McNamee