SugarCRM lands $20 million venture round

SugarCRM lands a $20 million venture round, giving the open source customer relationship management software maker a boost to its global expansion plans.

SugarCRM has landed a $20 million venture investment round, designed to boost international expansion by the maker of open-source customer relationship management software, the company said Thursday.

Taking the lead on the funding was New Enterprise Associates, with existing investors Draper Fisher Jurvetson and Walden International joining in. That brings SugarCRM's total funding to $46 million.

The company plans to use the funds for not only research and development, but also increasing its global footprint--particularly in Europe and Asia.

SugarCRM, founded in 2004, released its Sugar 5.0 software in December. To date, the company has racked up over 4 million downloads of its commercial open-source CRM goodies and counts more than 60,000 community members.

With its infusion of funds, SugarCRM will have more leeway as it heads down the path toward an IPO within the next two years. But with the recent industry consolidation--case in point being Sun Microsystems' planned $1 billion merger with MySQL --SugarCRM may find that option just as tasty.

About the author

    Dawn Kawamoto covered enterprise security and financial news relating to technology for CNET News.

     

    Join the discussion

    Conversation powered by Livefyre

    Show Comments Hide Comments
    Latest Galleries from CNET
    Tech industry's high-flying 2014
    Uber's tumultuous ups and downs in 2014 (pictures)
    The best and worst quotes of 2014 (pictures)
    A roomy range from LG (pictures)
    This plain GE range has all of the essentials (pictures)
    Sony's 'Interview' heard 'round the world (pictures)