TMCnews

SUBSCRIBE TO TMCnet
TMCnet - World's Largest Communications and Technology Community


TMCnews Featured Article


February 07, 2008

Open Source CRM Software Provider SugarCRM Secures $20 Million Round of Financing

By Susan J. Campbell, TMCnet Contributing Editor


SugarCRM (News - Alert), a provider of commercial open source customer relationship management (CRM) software, has today announced the completion of a $20 million round of financing led by New Enterprise Associates.

This new funding source brings the company’s total funding to $46 million. Existing investors Draper Fisher Jurvetson and Walden International have also joined the new round.

SugarCRM plans to use the proceeds to fund continued growth in the CRM market. These efforts will include research and develop expansion, particularly in Europe and Asia.

“SugarCRM’s commercial open source model is transforming the CRM market,” said Scott Sandell, general partner, New Enterprise Associates, in a Thursday statement. “SugarCRM’s strong set of products, customer momentum and world-class management team positions the company for continued rapid growth.”

“This additional funding will allow SugarCRM to accelerate its goal of moving the CRM market from a proprietary lock-in model to an open, value-based model by delivering the most modern, open, flexible CRM platform in the industry,” said John Roberts (News - Alert), CEO and co-founder, SugarCRM, in Thursday’s statement.

SugarCRM was founded in 2004 and since that time has witnessed global adoption of its commercial open source CRM products, with more than four million downloads, 470 product extensions, 75 language translations, more than 60,000 community members, and more than 12,000 registered developers. The company also enjoys a customer base of nearly 3,000 commercial accounts.

Industry experts have touted SugarCRM’s innovation in the CRM market. The company was named a “Rising Star” by CRM Magazine, an Always On Top 100 Private Company, and a Leader in the InfoTech Decision Diamond for CRM Solutions.

SugarCRM announced the release of Sugar 5.0 in December of 2007. This landmark release includes an Ajax e-mail client, multiple homepages for users, a state-of-the-art multi-instance On-Demand architecture and Module Builder, which provides non-technical users the ability to develop and deploy custom modules within the application.
SugarCRM’s open source CRM software allows for easy adaptation into any business environment. The solution offers more flexibility and cost effectiveness than proprietary applications. As such, companies are able to more easily customize and integrate customer-facing business processes in order to build and maintain more profitable relationships.

Open source solutions are gaining significant ground as organizations are experiencing the flexibility and scalability that such applications can provide. SugarCRM understands how important these aspects are in the world of CRM and drives its continued success with its strategic approach.

This latest round of funding secured by the company will put SugarCRM in a better position to continue to advance its product offerings to better suit the current and future needs of customers. As such, the company will be able to effectively drive its growth.
 
For more, be sure to check out the Open Source CRM channel on TMCnet.

Susan J. Campbell is a contributing editor for TMC (News - Alert) and has also written for eastbiz.com. To see more of her articles, please visit
Susan J. Campbell’s columnist page.
 
 



blog comments powered by Disqus

Technology Marketing Corporation

800 Connecticut Ave, 1st Floor East, Norwalk, CT 06854 USA
Ph: 800-243-6002, 203-852-6800
Fx: 203-866-3326

General comments: tmc@tmcnet.com.
Comments about this site: webmaster@tmcnet.com.

STAY CURRENT YOUR WAY

© 2014 Technology Marketing Corporation. All rights reserved.