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: firstname.lastname@example.org
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,InfoWorldandCustomer Interaction Solutions.
For more information, call (408) 454-6900 or 1 87 SUGARCRM toll-free in the
US, email@example.com, or visitwww.sugarcrm.com. You can also
connect with SugarCRM onFacebook,TwitterandYouTube.
Jay Mejia, 408-824-3897
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