SugarCRM, which offers an open-platform web-based customer relationship management service, announced a $40 million equity investment by Goldman Sachs & Co.
SugarCRM will use the investment to expand its global reach. The company 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 adviser during the funding transaction.
“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.”
- SugarCRM is headquartered in Cupertino, California with European headquarters in Munich, Germany and Asia Pacific headquarters in Sydney, Australia.