SugarCRM landed a $20 million venture investment round, designed to boost the open source customer relationship management software maker's international expansion, the company said Thursday.
Sweet, huh.
Taking the lead on the funding was New Enterprise Associates, with existing investors Draper Fisher Jurvetson and Walden International joining in. That brings SugarCRM's total funding to $46 million.
The company plans to use the funds for not only research and development, but also increasing its global footprint - particularly in Europe and Asia.
For folks not to familiar with SugarCRM, here's a couple factoids: founded in 2004, and released its Sugar 5.0 version in December. To date, the company has racked up over 4 million downloads of its commercial open source CRM goodies and counts more than 60,000 folks as community members.
With its infusion of funds, SugarCRM will have more leeway as it heads down the path toward an IPO within the next two years. But with the recent industry consolidation - case-and-point being Sun Microsystems $1 billion merger announcement with MySQL last month - SugarCRM may find that option just as tasty.
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