Data Storage Today

CIO Today Network Sites:   Top Tech News  |   CIO Today   |   Mobile Tech Today   |   Data Storage Today
News & Information for Data Storage Professionals
Vblock™ Systems:
Advanced converged infrastructure
increases productivity & lowers costs.

www.vce.com
Saturday, April 19th 
The future of tape is here.
This ad will display for the next 20 seconds. Please click for more information, or scroll down to pass the ad, or Close Ad.
Trending Topics:   Security Heartbleed Big Data Cloud Computing Windows XP Data Centers OS X Mavericks
Home
Data Centers
Storage Solutions
Storage Networks
Data Storage Issues
Data Security
DST Press Releases
 
Free Newsletters
Top CIO News
 
Mobile Tech Today
 

Business Briefing

SugarCRM Secures $33 Million To Expand Into Enterprise

SugarCRM Secures $33 Million To Expand Into Enterprise
April 4, 2012 2:41PM

Bookmark and Share
"In 2011 we saw demand for CRM solutions grow exponentially with an increased number of enterprise companies looking for an open and flexible CRM platform that can effectively scale," said Larry Augustin, CEO of SugarCRM. "Our growth was up 67 percent last year, and we are off to a great start in 2012" for SugarCRM.

Your Next Generation Data Center Is Here! Vblock™ Systems: the world's most advanced converged infrastructure are built on the Cisco Unified Computing System with Intel® Xeon® processors. Vblock™ Systems deliver extraordinary time to market, ROI and TCO, and flexibility to meet your continually changing demands with 5X faster deployment, 96% less downtime, and 1/2 the cost. Click here to learn more.

While many Internet companies are going public, rising stars in customer relations management, like SugarCRM, are raising private capital. The company, which is best known for its web-based, open-source CRM solutions, just wrapped up a $33 million equity and debt financing round.

SugarCRM says it will use the funds to continue its advancement into the enterprise market and to pursue strategic business opportunities.

The company saw strong financial performance in 2011, achieving growth of 67 percent in its top-line billings. The advance is being attributed to increased global adoption of SugarCRM and new product capabilities enabling the company's expansion into the enterprise market.

SugarCRM reports adding more than 2,700 new companies worldwide to its customer roster in 2011. With more than 1 million users and 370 channel partners, SugarCRM is now the third most widely used CRM solution in the world.

Exponential Growth

Larry Augustin, CEO of SugarCRM, reports the company saw demand for CRM solutions grow exponentially in 2011, with an increased number of enterprise companies looking for an open and flexible CRM platform that can scale with their growing businesses. Following growth of 67 percent in 2011, Augustin said the company is off to a great start in 2012.

Led by New Enterprise Associates, the latest round of funding includes participation from new investors Silicon Valley Bank and Gold Hill Capital. SugarCRM's current investors also include Draper Fisher Jurvetson, and Walden International also participated. Brooke Seawell, venture partner at New Enterprise Associates, has also joined SugarCRM's board of directors.

"NEA supports SugarCRM's vision to drive increased CRM adoption by offering affordable and easy-to-use CRM solutions to its customers," Seawell said. "We believe SugarCRM is uniquely positioned to serve the market and continue to generate impressive results."

Expert Backing

Seawell brings 25-plus years of experience in technology finance and operations to the SugarCRM board. In addition, Seawell sits on the board of Glu Mobile, SiTime, and Tableau Software. Before joining NEA as a venture partner in 2005, Seawell served as executive vice president of NetDynamics, an application server software company that Sun Microsystems acquired in 1998. He also served as CFO of Synopsys.

SugarCRM's management hopes the added experience on its board, along with the additional funding, will help drive the company to the next level. The focus now is on expansion into the enterprise market, where competitors Salesforce.com and Microsoft Dynamics CRM are firmly in the lead.

Tell Us What You Think
Comment:

Name:



 Business Briefing
1. Otherworldly Ambitions of Elon Musk
2. Google, Rockstar Suit Stays in Calif.
3. Google Earnings, Sales Disappoint
4. Profit and Revenue Slip for IBM
5. Zynga Launches Mobile FarmVille




 Most Popular Articles
1. Intel Bets on Cloudera for Big Data Analytics
2. SAP HANA Data Warehouse App Gets Faster Analytics
3. California DMV Investigates Possible Security Breach
4. Fast Seagate 6 TB Drive Offered for Enterprise Data Centers
5. Resetting All Passwords Now May Be Worst Heartbleed Fix

Have an informed opinion on this story?
Send a Letter to the Editor.
We want to know what you think.
Send us your Feedback.

 Related Topics  Latest News & Special Reports

  Heartbleed Exploit Could Cost Millions
  Michaels: Nearly 3M Cards Breached
  Malware Targets Facebook Users
  IBM Adds Disaster Recovery to SoftLayer
  How To Beat the Heartbleed Bug

 Technology Marketplace

Business Intelligence
Get real-time, cloud-based information services with Neustar.
 
Cloud Computing
BMC's I.T. solutions unleash the power of your business
Next Generation Data Center Is Here! Vblock™ Systems from VCE
 
Contact Centers
HP delivers the future of the contact center with HP Qfiniti 10.
 
Data Storage
Next Generation Data Center Is Here! Vblock™ Systems from VCE
Barium Ferrite (BaFe) is the future of tape.
2.5" Enterprise-class SATA & SAS SSDs for server & storage applications
 
Enterprise Hardware
Barium Ferrite (BaFe) is the future of tape.
2.5" Enterprise-class SATA & SAS SSDs for server & storage applications
 
Enterprise I.T.
BMC's I.T. solutions unleash the power of your business
 
Hardware
Protect your network with APC Smart-UPS battery backup
 
Network Security
Protect your network with APC Smart-UPS battery backup
 

Network Security Spotlight
Heartbleed Could Cost Millions, Could Have Been Prevented
Early estimates of Heartbleed’s cost to enterprises are running in the millions. The reason: revoking all the SSL certificates the bug exposed will come at a very hefty price. Some say it all could have been avoided.
 
Michaels Says Nearly 3M Credit, Debit Cards Breached
Arts and crafts retail giant Michaels Stores has confirmed that a data breach at its POS terminals from May 2013 to Jan. 2014 may have exposed nearly 3 million customer credit and debit cards.
 
Google's Street View Software Unravels CAPTCHAs
The latest software Google uses for its Street View cars to read street numbers in images for Google Maps works so well that it also solves CAPTCHAs, those puzzles designed to defeat bots.
 

Enterprise Hardware Spotlight
Vaio Fit 11A Battery Danger Forces Recall by Sony
Using a Sony Vaio Fit 11A laptop? It's time to send it back to Sony. In fact, Sony is encouraging people to stop using the laptop after several reports of its Panasonic battery overheating.
 
Continued Drop in Global PC Shipments Slows
Worldwide shipments of PCs fell during the first three months of the year, but the global slump in PC demand may be easing, with a considerable slowdown from last year's drops.
 
Google Glass Finds a Home in Medical Education, Practice
The innovative headpiece may find its niche in markets where hands-free access to data can be a big advantage. Glass experiments for doctors are already under way, with some promising results.
 

Mobile Technology Spotlight
Review: Siri-Like Cortana Fills Windows Phone Gap
With the new Cortana virtual assistant, Windows catches up with Apple's iOS and Google's Android in a major way, taking some of the best parts of Apple's and Google's virtual assistants, with new tools too.
 
With Galaxy S5, Samsung Proves Less Can Be More
Samsung has produced the most formidable rival yet to the iPhone 5s: the Galaxy S5. The device is the fifth edition of the company's successful line of Galaxy S smartphones, and shows less can be more.
 
Facebook Rolls Out Potentially Intrusive Location-Sharing
Looking for friends? Facebook users in the U.S. will soon be able to see which of their friends are nearby, using a smartphone's GPS. Could be a cool feature in some cases, or way too much information.
 

Navigation
Data Storage Today
Home/Top News | Data Centers | Storage Solutions | Storage Networks | Data Storage Issues | Data Security | DST Press Releases
Also visit these Enterprise Technology Sites
Top Tech News | CIO Today | Mobile Tech Today | Data Storage Today

Services:
FreeNewsFeed | Free Newsletters | XML/RSS Feed

About CIO Today Network | How To Contact Us | Article Reprints | Services for PR Pros (In partnership with NewsFactor) | Top Tech Wire | How To Advertise

Privacy Policy | Terms of Service
© Copyright 2000-2014 Data Storage Today. All rights reserved. Article rating technology by Blogowogo. Member of Accuserve Ad Network.