SugarCRM Scores Another Banner Year in 2011 - Press Release
Record fourth quarter, with 92 percent year-over-year billings growth; Annual growth hits 67%
CUPERTINO, Calif. – February 22, 2012 – SugarCRM, the world’s fastest-growing customer relationship management (CRM) company, today announced that it closed another banner year in 2011, achieving record billings growth and its ninth consecutive quarter of accelerating sales. The results reflect the company’s continued success in expanding its global customer base and channel network. With more than 1 million users and 370 channel partners, SugarCRM is now the third most widely used CRM in the world.
Driven by increased global adoption of SugarCRM and new product capabilities enabling the company’s advancement into the enterprise market, SugarCRM saw strong financial performance in 2011. In the fourth quarter of 2011, SugarCRM’s billings growth increased by 28 percent over the previous quarter and climbed by 92 percent over the same period in 2010. The company turned cash flow positive in Q4 2010 and was net cash positive for the full year 2011, driven by strong 67 percent top-line billings growth.
“SugarCRM has delivered another remarkable year, and is strategically positioned for ongoing success in this dynamic CRM market,” said Larry Augustin, SugarCRM’s chief executive officer. “We are driving increased CRM adoption across markets and industries by offering the best solution to our customers, partners and channel network.”
Sales in the global CRM marketplace reached $9.2 billion in 2011 according to industry analyst firm, IDC, and in 2011, SugarCRM welcomed more than 2700 new customers around the globe. Among the list of new SugarCRM customers in the fourth quarter were Bankai Group, Coface Services, Hilco Appraisal Services, LLC, Kaut-Bullinger, Powwownow, Radio Mitre and Tulip Telecom Ltd.
New customer, Hilco Appraisal Services, LLC, specializes in appraising and assessing the market value of inventory, machinery and equipment, intellectual property and full enterprises at the manufacturing, wholesale/distribution and retail levels. “We have 150 professionals located in key cities around the United States, Canada and Europe who serve the global marketplace, and we needed an effective way to streamline our customer data,” said Jim Glickman, chief marketing officer for Hilco Appraisal Services LLC. “We chose SugarCRM to help our employees be more efficient in tracking customers so that we can provide the best customer experience possible.”
SugarCRM focused on expanding its channel ecosystem to meet the widening demand for customized CRM solutions. The company’s investment in channel growth delivered strong results across all regions in the fourth quarter. North America led the way with Q4 year-over-year billings growth of 160 percent. In Asia-Pacific, where SugarCRM opened its APAC headquarters in Sydney in 2011, Q4 year-over-year billings growth reached 124 percent.
SugarCRM’s remarkable growth can be attributed to the success of its channel partners. 150 VARs became new SugarCRM partners, including Blytheco, formerly an exclusive Sage reseller for more than 30 years. Additional partners include Vietnam Technology and Telecommunication JSC (VNTT), Webink Technologies Private Limited in India, Database Partners in Australia, Vector SW DV GmbH in Austria, Masterson Technology Limited in Hong Kong and W-Systems in the United States.
New gold channel partner, Vietnam Technology and Telecommunication JSC (VNTT), focuses on providing top-notch products and services to customers in Vietnam. “Essential to our cloud strategy, we decided to partner with SugarCRM because we are confident that the company’s product suite will enable our customers to achieve a positive return on their investment quickly,” said Nguyen Minh Tan, CEO of VNTT. “In addition, we offer a wide portfolio of products to our customers, and we know that we can easily integrate Sugar with other third party solutions.”
2011 Accolades Recap
SugarCRM also delivered two major product releases in 2011 and garnered product leadership awards throughout the year. For example, SugarCRM was named the overall winner of the 2011 AlwaysOn On Demand 100 Top Private Companies, the best open source application for sales force automation and customer support services and the winner in the open source category in the InfoWorld Bossie Awards program, and the leader in the mid-market suite and small business suite categories in CRM Magazine’s 10th Annual CRM Market Leaders Awards program.
SugarCRM makes CRM simple. As the world's fastest growing customer relationship management (CRM) company, SugarCRM applications have been downloaded more than ten million times and currently serve over 1,000,000 end users in 192 countries. Over 7,000 organizations have chosen SugarCRM's On-Site and Cloud Computing services over proprietary alternatives. SugarCRM has been recognized for its customer success and product innovation by CRM Magazine, InfoWorld and Customer Interaction Solutions.
For more information, call (408) 454-6900 or 1 87 SUGARCRM toll-free in the US, email email@example.com, or visit www.sugarcrm.com. You can also connect with SugarCRM on Facebook, Twitter and YouTube.