SugarCRM, a provider of open-source CRM software, raised $20 million in Series D funding

SugarCRM, the world's leading provider of commercial open source customer relationship management (CRM) software, today announced the completion of a USD 20 million round of financing led by New Enterprise Associates, bringing total funding to USD 46 million. Existing investors Draper Fisher Jurvetson and Walden International also joined the round.

SugarCRM will use the proceeds to fund continued growth in the CRM market, including research and development and global expansion, particularly in Europe and Asia.

"SugarCRM's commercial open source model is transforming the CRM market," said Scott Sandell, general partner, New Enterprise Associates. "SugarCRM's strong set of products, customer momentum and world-class management team positions the company for continued rapid growth."

"This additional funding will allow SugarCRM to accelerate its goal of moving the CRM market from a proprietary lock-in model to an open, value-based model by delivering the most modern, open, flexible CRM platform in the industry," said John Roberts, CEO and co-founder, SugarCRM.

Since its founding in 2004, SugarCRM has seen global adoption of its commercial open source CRM products, with over four million downloads, 470 product extensions, 75 language translations, more than 60,000 community members, over 12,000 registered developers and a customer base of nearly 3,000 commercial accounts.

SugarCRM's innovation in the CRM market has been recognized by industry experts, with the company being named a "Rising Star" by CRM Magazine, an Always On Top 100 Private Company, and a Leader in the InfoTech Decision Diamond for CRM Solutions.

In December 2007, the company announced the release of Sugar 5.0, a landmark release that includes an Ajax email client, multiple homepages for users, a state-of-the-art multi-instance On-Demand architecture and Module Builder, which gives non-technical users the ability to develop and deploy custom modules within the application.

About SugarCRM

SugarCRM is the world's leading provider of commercial open source customer relationship management (CRM) software for companies of all sizes. Sugar easily adapts to any business environment by offering a more flexible, cost-effective alternative than proprietary applications. SugarCRM's open source architecture allows companies to more easily customize and integrate customer-facing business processes in order to build and maintain more profitable relationships. SugarCRM offers several deployment options, including on-demand, on-premise and appliance-based solutions to suit customers' security, integration and configuration needs. For more information, visit http://www.sugarcrm.com.