SOURCE: Centric CRM

June 13, 2007 09:05 ET

Centric CRM Receives Funding From Intel Capital

Investment Will Help Open Source Customer Relationship Management Technology Developer Grow as Market Expands

NORFOLK, VA--(Marketwire - June 13, 2007) - Centric CRM, a developer of open-source Customer Relationship Management (CRM) technology, today announced the company will receive investment funding from Intel Capital, the venture capital arm of Intel Corporation. Centric CRM will use the funds to pursue growth opportunities forecast for the CRM technology industry.

"After more than seven years of continuous development, Centric CRM is now a mature, robust and feature-rich product," said David Richards, CEO of Centric CRM. "The investment from Intel Capital will be used to fund additional product development, and to expand our sales and marketing activities to capitalize on the rapid growth in our space."

"Centric CRM is positioned to take advantage of the projected growth of its market," said Lisa Lambert, managing director at Intel Capital. "In a business environment that shows a continued confidence and a renewed interest in customer relationship management, the company offers a key solution to help organizations acquire, retain, service and sell to their customers."

According to Gartner's published forecast, "CRM Software, Worldwide, 2006-2011," "CRM market growth remained strong through 2006, fueled by continued business confidence generating solid vendor performance. Growth is expected to moderate in 2007 but remain healthy throughout the forecast period, with a compound annual growth rate of 11.7 percent."(1)

The rapid growth in the CRM technology market is being fueled by an increased business focus on strengthening customer relationships, as well as an increased acceptance by businesses of open-source and Software as a Service (SaaS) business models. Open source software developers make the software's source code available to users under a license or other arrangement that allows users to modify the software to fit their needs. The SaaS model involves a web-delivered software application that the vendor hosts and operates for use by its customers, who do not pay for owning the software itself but for using it. Centric CRM delivers its software using both methods, allowing its customers to choose the approach that works best for them.

About Centric CRM

Centric CRM, Inc. is the developer of an advanced open source CRM system. Under development for almost seven years, Centric CRM comprises over 2 million lines of code. Its Java/J2EE, web-based, and object-oriented architecture runs on all standard platforms. It is used today by Fortune 500 companies in large configurations and by thousands of smaller enterprises. Centric CRM includes all common CRM (Customer Relationship Management) modules and adds capabilities such as Website Authoring, integrated Web Content Management, Project and Document management, Customer Surveys, and advanced Help Desk functions. Centric CRM is a founding member of the Open Solutions Alliance and a member of the Red Hat Exchange (RHX). Among the investors in Centric CRM is Intel Capital. For more information, visit www.CentricCRM.com.

About Intel Capital

Intel Capital, Intel's venture capital organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, home, mobility, health, consumer Internet, semiconductor manufacturing, and cleantech. Since 1991, Intel Capital has invested more than US $6 billion in approximately 1,000 companies in over 40 countries. In that timeframe, about 157 portfolio companies have gone public on various exchanges around the world and another 187 have been acquired by other companies. In 2006, Intel Capital invested about US $1.07 billion in 163 deals with approximately 60 percent of funds (excluding Clearwire) invested outside the United States. For more information on Intel Capital and its differentiated advantages, visit www.intelcapital.com.

(1) Gartner, Inc., "Forecast: CRM Software, Worldwide, 2006-2011" by Sharon A. Mertz, Chris Pang, and Yanna Dharmasthira, March 20, 2007.

Contact Information

  • PRESS CONTACT:
    Tony Keller
    S&S Public Relations
    719-634-8279
    Email Contact

    COMPANY CONTACT:
    Michael Harvey
    EVP/Chief Sales & Marketing Officer
    757-470-5502
    mharvey at centriccrm.com