2 August 2004: Sugar Sales 1.1 and SugarCRM Funding
Open Source Applications Leader SugarCRM Releases Sugar Sales 1.1 Announces $2M in Series A Funding
Cupertino, Calif., August 2, 2004 -- SugarCRM Inc., developer of the worldâ€™s fastest growing commercial open source customer relationship management application (CRM) today announced the immediate availability of Sugar.Sales 1.1 for worldwide download at www.sugarcrm.com. Sugar.Sales represents a new generation of commercial grade CRM applications built for and optimized to run on a pure Linux, Apache, MySQL and PHP (LAMP) open source software platform. Made available under an open source software license, Sugar.Sales was developed leveraging the combined ideas and contributed code of CRM developersâ€™ worldwide. The result is a customer relationship management application on par with the proprietary and expensive applications from established CRM software and hosting providers.
Designed to increase the efficiency and effectiveness of sales forces, Sugar.Sales 1.1 delivers all the core sales force automation functionality required to manage large selling organizations. From managing new leads to closing opportunities, Sugar.Sales both helps sales professionals win business and helps sales managers identify trends and drive results. Core Sugar.Sales modules include lead tracking, contact, account, opportunity and activity management, and an executive dashboard with pre-built charting, including sales pipeline analysis. SugarCRM is also beta testing a Microsoft Outlook Plug-in that allows sales professionals to easily attach emails to contact and account records contained within the SugarCRM database.
Commercial open source applications will dramatically change the CRM business applications market. â€œWhen you build a commercial grade CRM application utilizing the combined ideas and resources from CRM developers across the globe, you simply produce a better, more revolutionary product than any one proprietary software or hosting company can think-up and build on its own,â€ says John Roberts, CEO of SugarCRM Inc. Sugar.Sales was conceived, designed, built and tested on the Internet in near real-time. In less than two months SugarCRM has had over 6,500 downloads of its software and over 100,000 visitors to its open source project and sugarcrm.com websites.
â€œWe believe our open source business model is far more efficient than the classic approach to building propriety CRM software. We do not believe in the notion of hiding access to code in order to lock-in customers. Our customers have full access to our source code, our bug lists, and our detailed feature roadmap and can even contribute code themselves. This is how great products are built today,â€ says Roberts.
Concurrent with the release of Sugar.Sales 1.1, SugarCRM also announced today that it has secured $2 million in a Series A financing from premier Silicon Valley venture capital firm, Draper Fisher Jurvetson (DFJ) - one of the first and largest investments in a commercial open source â€˜applicationsâ€™ startup. â€œWe believe commercial open source software is absolutely going to change the face of the established business applications industry. It was clear to us that SugarCRM has the right team, the right product and the market momentum to become the dominant company in commercial open source CRMâ€ says Josh Stein of DFJ, who recently joined the companyâ€™s board of directors. SugarCRM plans to utilize this new funding to strengthen its engineering team and to further extend its worldwide, collaborative development infrastructure.
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