Leading CRM maker, SugarCRM has announced that Accel-KKR, a leading technology-focused private equity firm, has made a strategic and significant investment in SugarCRM. The partnership is the latest milestone in SugarCRM’s journey and will accelerate its strategy of driving global growth with its award-winning relationship management platform. Accel-KKR has committed substantial investment dollars to drive product innovation, services, expanded capabilities and a strategic acquisition program.
At the time of this announcement, SugarCRM’s CEO, Larry Augustin, said, “Following several years of significant growth, market recognition and high customer satisfaction, this is the perfect time for us to work with an investor who is as enthusiastic and confident about the CRM market and our approach as we are.”
Larry added, “This significant investment will enable substantial business growth, both organically and inorganically.”
SugarCRM prides itself on its modern and simple user interfaces, industry-leading customer experience and giving users the right information when they need it before they even ask. Its approach has led to more than 90% customer retention rate and, in 2018, it won the industry-recognized PC Mag Business Choice ‘Best CRM Software Award’ for the fourth year running, being the only CRM software that readers ‘would strongly recommend to their peers’.
Jason Klein, managing director at Accel-KKR, added: “With our extensive and global network, we will be able to introduce SugarCRM to potential customers and partners around the world. Our holistic approach to growth, both direct and through channel partners, combined with the strategic guidance and operational expertise we provide, means we can add significant value to the businesses we work with from day one. SugarCRM is a truly innovative and ambitious company; we look forward to working together.”
Larry continued, “CRM has moved forward exponentially in recent years. The recurring revenue economy is driving customers across all industries to look at satisfying the entire customer lifecycle. At SugarCRM, we are helping our customers increase the productivity of their sales, service and marketing teams with an intuitive user experience that automates common business processes and orchestrates actions and information to increase the efficiency of every customer-facing employee.”
Larry also added, “Through technology, we are helping businesses outmaneuver competition and achieve business outcomes faster by using AI, machine learning and predictive insights to add intelligence everywhere inside the user experience. It’s an exciting industry and we’re delighted to be at the forefront.”
SugarCRM CEO continued, “Accel-KKR has an excellent reputation for driving growth in its portfolio companies, and a proven track record working with other technology companies, such as Kana and Applied Predictive Technologies. We’re excited to be working with them as we build on the momentum we have created in our business over recent years and accelerate our vision for growth.”
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Accel-KKR is a top-tier investment firm with $4.3 billion in capital commitments and has worked with businesses like SugarCRM for almost 20 years. The PE firm focuses on software and IT-enabled services companies that are well positioned for top and bottom-line growth. This investment will allow SugarCRM to continue its innovation in product development, expand its suite of CRM capabilities and enhance its ability to deliver the highest level of support to its existing customer base.
Currently, SugarCRM enables businesses to create extraordinary customer relationships with the most empowering, adaptable and affordable customer relationship management (CRM) solution on the market. Unlike traditional CRM solutions that focus primarily on management and reporting, Sugar empowers the individual, coordinating the actions of customer-facing employees and equipping them with the right information at the right time to transform the customer experience.