SugarCRM Reports Fourth Quarter Revenue Growth
Feb 25, 2013 (Close-Up Media via COMTEX) --
SugarCRM, a customer relationship management (CRM) company that enables effective customer engagement enterprise-wide, announced that it completed another year of growth in 2012 with 40 percent increased annual recurring revenue year-over-year in the fourth quarter and total revenue growth of 60 percent over 2011.
"Subscribers seats doubled in 2012 as SugarCRM continues to enable everyone in a company to better engage the customer,"said Larry Augustin, SugarCRM's chief executive officer. "We're making deeper penetration into the enterprise market space, our mid-market business is growing worldwide and our channel network is driving growth into new markets. In 2013, we're focused on scaling our platform to provide the industry's most flexible, integrated CRM solution that enables all customer-facing professionals across the enterprise to deliver a better customer experience."
In a release dated February 20, the company noted that 2012 business highlights include:
-Customer Count Climbs. SugarCRM's Q4 additions to its roster of global customers include Fahrzeug-Werke Lueg AG, Yellow Pages Group (New Zealand), Bishop-Wisecarver Corp., Despegar.com, Informa Research Services, Inc., and Asana Wellness. In 2012, SugarCRM also announced several wins, including Bray International, Natural Balance Pet Foods, Farber Financial Group, CFAO Technologies, Institute of Technical Education, Paragon Commercial Bank, Pittsburgh Post-Gazette, Avidia Bank, Renault Sport, Marathon Sports, BRI Ferrier, CE Power Solutions, Samsung Techwin, Televisa and many more."Our initial use of Sugar brought many benefits to our customer service operation," notes Juan De Carolis, customer service regional manager for Despegar.com. "We now have greater insight into customer interactions and service issues, which gives us a better understanding of our clients' needs. And, Sugar allows us to review our business processes so we can provide a higher level of customer service."
-Enterprise Growth. On the heels of its Q2 announcement of a $33 million funding round to facilitate the company's expansion into the enterprise business segment, SugarCRM's enterprise business annual recurring revenue grew by more than 250 percent year-over-year. In Q3, a major multinational technology and consulting corporation went live with its first 7,000 seats in a 69,000-seat implementation. The company also closed a multi-million-dollar deal with a healthcare technology customer in the UK.
-Global Partner Momentum. SugarCRM continued to onboard key channel partners to its thriving global partner program, including 21 partners in Q4. In 2012, the company signed 130 partners across six continents supporting customers of all sizes.
-Strengthening the IBM Relationship: As a member of the IBM Global Alliance Portfolio, SugarCRM continues to build upon integrations between Sugar and IBM products. During Q4, SugarCRM introduced an integration with IBM Unica for cross-channel marketing optimization and extended the integration with IBM Connections for social selling. These new integrations complement the other integrations introduced in 2012 including Sugar support for IBM PureApplication and continued support for IBM WebSphere Cast Iron, IBM Lotus Notes, IBM SmartCloud Enterprise, and IBM SmartCloud for Social Business. As a result of these integration efforts, SugarCRM has both achieved the IBM Smarter Commerce certification in 2012.
-New Technology Integrations. In Q4, SugarCRM expanded its relationship with Box, and added new ecosystem partners like DocuSign to help users close deals more quickly with the fastest, easiest, most secure way to get signatures on sales contracts. Other key technology alliance partners in the quarter included VMware to integrate VMware vFabric Application Director 5.0 onto the Sugar platform, allowing customers to run their CRM system in a variety of cloud environments. In the year, SugarCRM continued to expand its cloud ecosystem to enable users to seamlessly and instantly access solutions from within the SugarCRM platform. Integrations on SugarExchange, the SugarCRM marketplace, now include Act-On Software, Alteva, Next Principles, Lucid Imagination, Entrinsik, and many more. With close to 200 commercial integrations, and growing constantly, SugarCRM provides one of the most powerful and comprehensive CRM platforms in the industry."DocuSign's expanded SugarCRM integration delivers immediate ROI to sales organizations by dramatically accelerating the sales cycle to close deals faster," said Grant Peterson, chief technology officer, DocuSign. "DocuSign makes it easy to streamline any sales process requiring a signature - either out of the box or with our full set of APIs - so sales teams can delight customers while increasing productivity and revenue."
-Industry Recognition. During the fourth quarter of 2012, SugarCRM won the InfoWorld Bossie Award for the fifth consecutive year in the category of best open source CRM software. Chief Product Officer Lila Tretikov received the bronze Stevie Award in the Female Executive of the Year - Business Services category. During the year, SugarCRM was positioned as a leader in The Forrester Wave: CRM Suites for Midsize Organizations, Q3 2012. SugarCRM's list of industry awards in 2012 also includes four CRM Market Leader awards from CRM Magazine: Winner - Open Source CRM, Leader - Sales Force Automation, Midmarket Suite CRM, and Small Business Suite CRM. The company was also recognized as a 2012 AlwaysOn Global Top 250 Company and a 2012 CRM Excellence Award by Customer Interaction Solutions magazine.
-Key Events. SugarCRM hosted several events in 2012 including SugarCon 2012, the worlds largest open CRM conference, regional partner summits, and the company's CRM Acceleration events that drew hundreds of businesses seeking the next-generation CRM. These popular events were held around the globe in Frankfurt, London, Paris, Beijing, and Shanghai.
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