SugarCRM received $40 million equity investment from Goldman Sachs & Co.
The company will use the investment to expand its global reach.
“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.
Meanwhile, SugarCRM posted 15 consecutive quarters of growth and increased annual recurring revenue by more than 30 percent year-over-year in the second quarter of 2013.
SugarCRM leads CRM innovation in user experience (UX) by incorporating CRM-integrated social, mobile and big data strategy.
SugarCRM added over 600 new customers in Q2 2013. New customers include Sennheiser, manufacturers of microphones, headphones and wireless transmission systems, Egton Medical Information Systems, the United Kingdom’s primary care software provider, and Despegar.com, Latin America’s travel agency.
“SugarCRM’s flexible and open architecture delivers visibility and insight about all sales opportunities by just pushing one button. Our sales teams now have a tool to help them do their jobs more effectively so they can create great customer experiences that result in long-lasting relationships,” said Sennheiser CIO Klaus Holing.