SugarCRM raising $20 million more...why?

The news is that SugarCRM is $14.5 million of the way toward a $20 million Series D round of funding. But the real question is, "Why?"

Sugar is reportedly running cashflow positive on a solid revenue trajectory. While I don't have inside information and wouldn't comment on most of the company's operations, I can say that SugarCRM is doing very well and increasingly seeing major customers walk in the door.

So why more money? JBoss go to a $350 million acquisition on one round of $10 million. Red Hat didn't raise much, either. MySQL raised more than both of them but its last round was presumably meant to shore up its balance sheet for an IPO. SugarCRM is reportedly reaching toward an IPO. Perhaps it's doing the same thing, though it's presumably farther behind MySQL in the IPO line.

Perhaps it wants the money for acquisitions. Perhaps it's burning through more cash than expected as it scales out its sales force to pull in more of those big deals. Perhaps. Perhaps. Perhaps.

I don't know, but I have a lot of confidence in John Roberts and his management team. If he's raising the money, it's for a good reason. Anyone want to speculate as to what that reason is?

Disclosure: I am on SugarCRM's board of advisors. No, I don't have any inside information on any of the above.