Goldman invests $40M in Salesforce rival SugarCRM

|By:, SA News Editor

The maker of sales-tracking software looking to take on rivals like (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.