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SugarCRM Grows 67%, Raises $33M for Enterprise CRM Push

SugarCRM, which competes with Salesforce.com and Microsoft Dynamics CRM, has raised $33 million in funding to push deeper into the enterprise market. SugarCRM is available both on-premises and via SaaS partners.

Brian Taylor

April 8, 2012

SugarCRM, which competes with Salesforce.com and Microsoft Dynamics CRM, has raised $33 million in funding to push deeper into the enterprise market. SugarCRM is available both on-premises and via SaaS partners. And that strategy sounds like it's working, according to new anecdotes from CEO Larry Augustin (pictured).

This round's investors includes new names (New Enterprise Associates, Silicon Valley Bank and Gold Hill Capital) and all of SugarCRM's investors from previous rounds.

In a prepared statement, SugarCRM CEO Larry Augustin said revenues grew 67 percent in 2012 vs. 2011. Moreover, SugarCRM has more than 1 million users and 370 channel partners in 92 countries.

Back in December 2009, Augustin told The VAR Guy — Talkin' Cloud's sister site — that SugarCRM would partner with cloud services providers (CSPs) and SaaS providers rather than compete with partners in the cloud.  Augustin described the strategy in a FastChat video.

Fast forward to the present and SugarCRM seems poised for more growth, and continues to attract new partners into its camp. This February, Talkin’ Cloud reported that services provider Blytheco ended a long-standing CRM relationship with Sage, having decided to transfer its business to SugarCRM.

Channel partners can click here to learn about SugarCRM’s partner program.

 

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