SugarCRM Notches Another Quarter of Record Revenues and Continues Its Cash-Positive Growth
Cupertino, Calif. – June 15, 2011 – SugarCRM, the world’s fastest-growing customer relationship management (CRM) company, today announced that its strong upward momentum continued in the first quarter of 2011, with revenue and billings up 43 percent over the same quarter in 2010, growth spurred in large part by the success of its sales channel partners.
The company’s first-quarter results represent a 9 percent jump in revenue over the final quarter of 2010, which saw a 56 percent jump over the same quarter the previous year. This quarter also marked another in which the company was cash flow positive, building on its achievement of cash flow positive growth in 2010.
”This is further proof of our successful business model and momentum we have achieved,” said Larry Augustin, CEO. “It validates our commitment to our partner channel and the business model we are building with them.”
A remarkable 38 partner companies at least doubled their net billings to SugarCRM in 2010 and were presented with the 2X+ Award while 10 were named as MVP partners at the company’s annual SugarCon conference, held in April. In the first quarter, the company added 23 more partners, bringing the total to 273.
”Our partners are our secret weapon in a highly competitive market,” said Jeffrey Campbell, VP Worldwide Sales and Customer Advocacy. “They give us a global market reach we would not be able to build on our own.”
The 2X+ performers were Acts Automation, Bhea, Brainsell, Datasync, DotBase Solutions, Epicom, Genius4U, Highland Solutions, Insignio, IntDev Internet Tech, Intricity, iZeno, Kinamu, Lampada, Loaded Technologies, Mexico Empresarial, Nepo Systems, Open Mind Consultancy, Open Symbol, OSS Cude, OSSCRM, Palmtree, Prakton, Poker, Profis Consulting, Provident CRM, RedK, Redpill Linpro, Signify, Smart Selling, Solution Metrix, The Sugar Refinery, Tech Advisors, TEIQ, Toltech, Visual Metrix, Weburi.com, and XeoKydo.
Achieving MVP status indicative of outstanding performance in 2010 were BrainSell, Cynergy Solutions, Epicom, GrowIT, Insignio CRM, iZeno, Loaded Technologies, Profiling Solutions, RedK, and Redpill Linpro. Levementum became the first partner to join the Million Dollar Club with over $1 million in billings.
”SugarCRM is truly dedicated to making its partners successful,” said Jim Ward, CEO of BrainSell. “We look forward to joining the Million Dollar Club next year.”
"While working with Epicom, it became clear that they have a genuine two-way relationship with SugarCRM," said Matt Davidson, Chief Executive Officer at USA-FACT, an internet-based, pre-employment screening company. "That means there's a team of two companies committed to the success of our CRM initiatives."
The quarter also saw SugarCRM expanding its international presence. New customer growth in North America was up 11 percent from the first quarter of 2010, but it surged by 51 percent in the Europe-Middle East-Africa (EMEA) region, and by 36 percent in the rest of the world.
These gains represent continued efforts to make SugarCRM a company with truly global reach.
SugarCRM makes CRM Simple. As the world's fastest growing customer relationship management (CRM) company, SugarCRM applications have been downloaded more than seven million times and currently serve over 700,000 end users in 80 languages. Over 7,000 customers 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, Customer Interaction Solutions and Intelligent Enterprise.