|By Business Wire||
|April 29, 2014 07:30 AM EDT||
SUGARCON 2014 – SugarCRM Inc., the company that enables businesses to create extraordinary customer relationships with the most innovative and affordable CRM solution in the market, today announced its Q1 2014 results. In March, SugarCRM closed another strong quarter, marking 18 consecutive quarters of growth. The noteworthy milestones of 785 new customers, 38 percent billings growth, the new appointment of William (Bill) Hunt as Chief Product Officer (CPO) to the company’s leadership team and traction with top ISVs and market leaders round out SugarCRM’s exceptional quarter—further strengthening its position as a formidable leader in the CRM industry.
“2014 is already shaping up to be a banner year for SugarCRM, as evidenced by another stellar quarter marked by strong growth and tremendous customer, ISV and partner momentum," said Larry Augustin, SugarCRM CEO. "Our early 2014 momentum is the perfect segue as we embark upon our 10-year anniversary this summer, and represents a significant validation that our innovation and unique CRM approach for empowering the individual resonates deeply in an industry that is ripe for change and business transformation.”
Unique Approach to CRM For the Individual Attracts New Customers, Strong Leadership
With a focus on empowering the individual at every level of an organization to better engage customers, SugarCRM is re-defining CRM and attracting similar forward-thinking companies to its customer roster. In Q1 2014, the company added 785 additional customers, bringing the worldwide total to more than 7,200 companies—with more than 1.5 million people around the world relying on Sugar to help manage their customer relationships.
SugarCRM announced a record number of new customers last quarter, including Reebok, the global fitness brand, who recently went live with Sugar. Additional new customers include Fordham University, the Jesuit University of New York, and The Almond Board of California, a non-profit organization that promotes almonds through its research-based approach to all aspects of marketing, farming and production on behalf of the more than 6,000 almond growers and processors in California.
New Executive Appointment: Bill Hunt Heads Up Product Teams
SugarCRM recently appointed Hunt as the new CPO based at the company’s corporate headquarters in Cupertino, California. Hunt will oversee SugarCRM's product management, development, QA, operations and the professional services organizations. He brings decades of impressive technical and executive background, having founded and served as the senior technical executive at six successful software companies—each a leader in their respective space. Five of those businesses were acquired by companies including Oracle, Avaya and Alcatel for a total of $500 million. Hunt’s most recent companies have focused on using big data to increase the performance of sales teams and delivering CRM and marketing automation to SMBs.
Earlier in his career, Hunt developed flagship product lines at Novell and has 12 patents to his credit. As an avid corporate and community leader in Silicon Valley, Hunt is an advisor and board member of several thriving companies and is a mentor in Peter Thiel's 20 Under 20 program.
Q1 Yields Impressive Traction With Market Leaders, Latest Version of Sugar
SugarCRM announced key collaborations this past quarter with a number of market leaders, demonstrating an ongoing commitment to building out the extended functionalities around Sugar. Last month, SugarCRM and D&B (NYSE: DNB) announced an integrated solution that combines Sugar's intuitive user experience with D&B's extensive data services. The result for Sugar users is access to more complete, current information—translating to faster closed deals, improved campaign effectiveness and metrics, and increased customer loyalty.
Recently, SugarCRM also teamed with marketing software leader Marketo (NASDAQ: MKTO) to offer a best-in-class CRM and marketing automation solution. The collaboration enables customers to seamlessly align their marketing efforts with top line sales activities—significantly accelerating the lead-to-cash process.
Additionally last quarter, SugarCRM released Sugar Analytics Powered by Cognos Business Intelligence. This proven, advanced analytics platform delivers valuable metrics to every Sugar user, providing insight into sales comparison trending and individual performance metrics for customer-facing activities.
SugarCRM again teamed with long-time business partner IBM on a rollout of the company’s new Power Systems built on the innovative design of POWER8. The SugarCRM and IBM Power Systems solution running Linux provides an exceptional platform for customers as they deploy new solutions and upgrade existing offerings. In fact, recent performance testing resulted in an increase of up to 2x over comparable platforms, delivering a superior price/performance advantage for customers.
Sugar continues to re-define the CRM market with the company’s latest version of Sugar, and its market-leading usability, SugarUX™, has prompted SugarCRM’s ecosystem of partners to release new products that integrate deeply with the new Sugar capabilities. These social, accounting, workflow, document management and marketing automation products are all geared toward empowering and supporting the individual more than ever.
SugarCRM enables businesses to create extraordinary customer relationships with the most innovative and affordable customer relationship management (CRM) solution on the market. By placing the individual at the center of its solution, SugarCRM is putting the “i” in CRM and empowering people at all levels of an organization to better understand and engage with customers. Based in Silicon Valley, SugarCRM is backed by Goldman Sachs, Draper Fisher Jurvetson, NEA, and Walden International. More than 1.5M individuals in over 120 countries rely on SugarCRM. To learn more visit SugarCRM or follow @SugarCRM.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 relating to, among other things, SugarCRM performance, expectations, plans, prospects, and opportunities, including, but not limited to, our expectations regarding our products, market demand, and market share growth. These forward-looking statements are based upon the current expectations and beliefs of SugarCRM’s management as of the date of this press release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, including, but not limited to: the level of demand for SugarCRM’s products, SugarCRM’s ability to develop, deliver and support its products and expand its markets, SugarCRM’s ability to manage the partner ecosystem and SugarCRM’s ability to attract, motivate and retain key employees. All forward-looking statements made in this press release are based on information available to us as of the date thereof, and SugarCRM disclaims any obligation to update these forward-looking statements.
NOTE: SugarCRM, SugarUX and the SugarCRM logo are service marks of SugarCRM Inc. Third-party trademarks mentioned are the property of their respective owners.
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