real-time news and commentary for investors
Wednesday, Aug 21
Goldman invests $40M in Salesforce rival SugarCRM
- The maker of sales-tracking software looking to take on rivals like Salesforce.com (CRM) and Oracle (ORCL) will use the cash for further R&D and to expand its sales efforts. Prior to Goldman's (GS) investment, the company had raised $79M. CEO Larry Augustin hasn't commented on valuation beyond saying it's "up and to the right" since the last financing round.
- Augustin said late last year the company is nearing profitability and could go public as soon 2013 (joining other recent IPOs WDAY and NOW).
- Goldman VP Antoine Munfa will join SugarCRM's board.