SugarCRM Reports 80% Growth and Profitability
4 Consecutive Years of Growth in Third Quarter
CUPERTINO, Calif. – Nov. 12, 2013 – SugarCRM, the company that enables businesses to create extraordinary customer relationships with the most innovative and affordable CRM solution in the market, today announced that the company has delivered 16 quarters of consecutive revenue growth, achieving an 80% year over year revenue growth, and profitability in the third quarter of 2013. SugarCRM’s continued momentum is fueled by both new customer wins and expansion within existing accounts in the mid-sized to enterprise market. The company also announced today the release of the new Sugar, which represents a new approach to CRM with a focus on the individual user.
“SugarCRM has enjoyed tremendous growth in our business this quarter,” said Larry Augustin, CEO of SugarCRM. “While we achieved profitability and were cash flow positive in Q3, with the recent $40 million investment from Goldman Sachs, we are investing to grow the business. The new release of Sugar is a great step forward in empowering individuals so that organizations can finally deliver on the original promise of CRM, creating extraordinary customer relationships.”
SugarCRM Q3 2013 Business Highlights
New Customers: SugarCRM added more than 670 new customers in Q3 2013, and expanded deployments with more than 850 existing customers. New global customers include VisitEngland, the national tourist board, and Dealertrack Technologies, the leading provider of web-based software and services for the automotive retail industry in the United States. Customers expanding their use of Sugar include Admiral Markets, a leader in providing access to financial markets and supporting materials.
New Product: This quarter, SugarCRM delivered the latest version of their award-winning CRM solution, with an enhanced focus on the individual.
While traditional CRM tools focus solely on tracking and management reporting, the new Sugar puts the needs of the individual user first, empowering all customer-facing employees to create extraordinary customer relationships. Sugar delivers intelligence to every user, equipping every individual across the enterprise with the necessary information to understand their customers, do their job more efficiently, and create a consistent, superior experience every time.
More information on the new Sugar product from today’s announcement is available at: http://www.sugarcrm.com/newspress/sugarcrm-redefines-crm-individual-mind
Industry Recognition: tegut…, a major grocery retailer, was honored at this year’s CRM-expo in Stuttgart, Germany, with a CRM Best Practice award for their implementation of Sugar for management of the more than one million subscribers in their loyalty card program. Additionally, in early Q3, SugarCRM was positioned as a “Visionary” in the Gartner 2013 “Magic Quadrant for Sales Force Automation.” A complimentary copy of the full Gartner Research Note is available here: http://www.sugarcrm.com/gartner-magic-quadrant-sfa
Key Executive Appointment: This quarter, SugarCRM announced the appointment of Henning Ogberg as new Senior Vice President EMEA. Ogberg is responsible for the operational business activities of the CRM specialist in EMEA (Europe, Middle East, Africa). His new role includes the development for all sales channels, especially in the core markets of Germany, Austria and Switzerland, UK, France and Italy, as well as the further growth of the business in the enterprise market.
Events: SugarCRM, in partnership with select partners, announced its World Tour event series, visiting more than 10 cities across five countries worldwide. This exclusive seminar series continues through the end of the year, and offers hands-on access to the new Sugar product, presentations by SugarCRM executives, and one-on-one conversations with partners.
SugarCRM was also a major sponsor with top executives speaking at industry events including the CRM Evolution/CSE 2013 conference in New York, the IBM Social CRM Event in Sao Paulo, Brazil, the Gartner Symposium ITExpo in Orlando, Florida, and the DocuSign Signature City Tour in multiple locations worldwide.
SugarCRM enables businesses to create extraordinary customer relationships with the most innovative and affordable customer relationship management (CRM) solution on the market. By placing the individual at the center of its solution, SugarCRM is putting the “i” in CRM and empowering people at all levels of an organization to better understand and engage with customers. Based in Silicon Valley, SugarCRM is backed by Goldman Sachs, Draper Fisher Jurvetson, NEA, and Walden International. More than 1.4M individuals in 120 countries rely on SugarCRM. To learn more visit www.sugarcrm.com or follow @SugarCRM.