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Open Source CRM Software Provider SugarCRM Secures $20 Million Round of Financing
By Susan J. Campbell, TMCnet Contributing Editor
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 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.
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.
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.