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.

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Comments (2)
  • Esekla
    , contributor
    Comments (4479) | Send Message
     
    The market seems to be taking this as a positive for CRM, but in an already overcrowded space, I can't see it as such. IBM chose Sugar over Salesforce too.
    21 Aug 2013, 09:40 AM Reply Like
  • ReligiousWacko
    , contributor
    Comments (1838) | Send Message
     
    is sugar profitable the same way that CRM is "profitable" ?
    21 Aug 2013, 06:12 PM Reply Like
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