SugarCRM Secures $40 Million in Funding from Goldman Sachs & Co.
Goldman Sachs Investment Continues SugarCRM’s Market Momentum
CUPERTINO, Calif. – August 21, 2013 – SugarCRM, the company that makes every user a customer expert, today announced the completion of a $40 million equity investment by Goldman Sachs & Co. The company will use the investment to further expand its global reach, continuing the upward momentum SugarCRM has experienced with 15 consecutive quarters of growth. SugarCRM also announced the appointment of Antoine Munfa, a vice president at Goldman Sachs, to its Board of Directors. Piper Jaffray & Co. served as SugarCRM’s financial advisor during the funding transaction.
The investment underscores SugarCRM’s increasing global customer traction and market-disrupting impact on the multi-billion-dollar CRM industry, driven by innovation in its user experience (UX) design, CRM-integrated social collaboration platform, and integrated mobile solution. By helping companies turn customer-facing professionals into customer experts, SugarCRM is driving broader and deeper adoption of CRM. The company added over 600 new customers in Q2 2013.
“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. “The company’s consecutive quarter-over-quarter growth, our expanding roster of more than 6,500 customer organizations, and today’s funding all serve as proof that our strategy serves a key market need. This funding surpasses all the investments we have received to date, and we will use this capital to expand our global reach, drive channel growth, and continue our product development.”
“The CRM market is ripe for technologies and products that change the face of how enterprises conduct business with their customers. SugarCRM, with its user-centric vision and product design, has stepped up to meet a real market need,” said Antoine Munfa, vice president, Goldman Sachs. “As social and mobile continue to become a defining force in business, we believe SugarCRM is very well positioned as a leading enterprise CRM player. I look forward to working with the team.”
About Goldman Sachs Private Capital Investing
Private Capital Investing (“PCI”) is Goldman Sachs’ investment platform dedicated to providing preferred equity and mezzanine capital to growth and middle market companies based in North America. PCI invests $20 million - $150 million of equity per transaction in the form of common, preferred, and structured equity. Contact: email@example.com
SugarCRM delivers an integrated solution that empowers every user who interacts with customers to better understand and engage their customer, so every connection drives value. SugarCRM’s market-leading open Customer Relationship Management (CRM) platform delivers the agility, flexibility, and security required to equip each customer facing professional with the information and tools they need to know their customers better, do their job better, and deliver a consistent, superior customer experience across the organization, every time. SugarCRM applications have been downloaded more than 12 million times and currently help over 1.2M end users across disciplines effectively engage their customers. Over 6,500 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 firstname.lastname@example.org, or visit www.sugarcrm.com. You can also connect with SugarCRM on Facebook, Twitter and YouTube.