While many Internet companies are going public, rising stars in customer Relevant Products/Services relations management, like SugarCRM, are raising private capital. The company, which is best known for its web-based, open-source CRM Relevant Products/Services solutions, just wrapped up a $33 million equity and debt financing round.
SugarCRM says it will use the funds to continue its advancement into the enterprise Relevant Products/Services market and to pursue strategic business opportunities.
The company saw strong financial performance Relevant Products/Services in 2011, achieving growth of 67 percent in its top-line billings. The advance is being attributed to increased global adoption of SugarCRM and new product capabilities enabling the company’s expansion into the enterprise market.
SugarCRM reports adding more than 2,700 new companies worldwide to its customer roster in 2011. With more than 1 million users and 370 channel partners, SugarCRM is now the third most widely used CRM solution Relevant Products/Services in the world.