SugarCRM Climbing the Charts
You could produce one of the top 25 highest grossing movies on opening day. I think Google tried this route with The Internship featuring Vince Vaughn and Owen Wilson. But that only made $17 million opening day. Or you could develop Grand Theft Auto, which grossed $800 million the first day it released but cost $137 million to make.
Either way, it’s not easy to generate that kind of cash, and it’s even more difficult to convince someone to invest that amount of money in your business. This month, Goldman Sachs invested $40 million in SugarCRM, giving the company the resources needed to become a market leader and truly shake things up in the CRM industry.
In recent interviews on Fox Business News and Money Moves on Bloomberg TV, Larry Augustin, CEO of SugarCRM spoke about the size of the CRM market and where Sugar would spend the $40 million.
“There are 450 to 500 million people in the world that are in customer-facing roles. We’re building a product, we’re investing heavily in sales and marketing, and the money gives us the resources to grow.” – Larry Augustin
Earlier this year, Larry made several public statements that SugarCRM was looking to IPO in the near future. The company became cash-flow positive in 2011, and to-date has more than 6,500 customers with more than 1.2 million end users. Customers include IBM, Sherwin-Williams, Men’s Wearhouse, and Sennheiser. So what does all this growth mean for the Sugar user?
A Better CRM Product
In the spring of 2010, Sugar released version 6. The new version included a complete overhaul of the interface, flaunting it's easy to use design and navigation. There were major feature enhancements including connectors to WebEx, Google, Twitter, and LinkedIn. Version 6.5 was released in April of 2012 at SugarCon and included an updated Calendar, UI improvements, more powerful search capabilities, and faster performance.
Sugar’s version 7 was previewed at SugarCon 2013. With version 7, Sugar took a giant leap forward. The framework was completely overhauled to improve performance and reduce clicks within the application. Major enhancements were made to Sugar’s activity stream, dashboards, and UI. Improvements to Sugar’s Enterprise and Ultimate editions include advanced features for sales forecasting and pipeline management. With Sugar’s latest product expected to release next month, there’s no doubt the company will put its $40 million to good use in the areas of product development and recruitment.
Available Integrations for Third Party Applications
As Sugar continues to grow and add users, other products take notice. Marketing automation platforms like Pardot, Net-Results, and Salesfusion are all investing in integrations to SugarCRM as a growth avenue and as a response to customer demand. In a recent webinar, SugarCRM’s CTO, Clint Oram, disclosed that Marketo and Sugar are working on an integration for Sugar 7.
Other applications such as Informer, Adobe EchoSign, Hootsuite, and Intuit QuickBooks also have connectors to SugarCRM that are either developed in-house or through a Sugar partner. The more connectors to SugarCRM, the more SugarCRM is validated as a leading CRM platform in the industry. On the flip side, the more apps that integrate with SugarCRM, the more value the end user will get out of their CRM system. So it’s a win-win situation.
There’s no doubt the customer will benefit from all of this growth and product advancement, whether that be the end-user or the end-user customer. To see a demo of Sugar 7 and get the latest release information, click here to register for our next Sugar user group on November 14th.
For more information about SugarCRM, contact us today.