CUPERTINO, CA--(Marketwired - Feb 24, 2016) - SugarCRM Inc., the company that enables businesses to create extraordinary customer relationships with the most innovative, flexible and affordable CRM solution in the market, announced today the closing of a remarkable 2015. Already popular among midsize and small companies, in 2015 the company made strategic investments to also focus on addressing the CRM needs of large enterprises. Specifically, Sugar went after large global enterprises with its "reimagined" CRM platform.
The strategy paid off in the fourth quarter in a big way, as SugarCRM closed a record number of large deals with new customers in diverse industries such as financial services, mobile communications and food service distribution. In many of these deals, large companies that had become frustrated with legacy CRM implementations found Sugar to be a more flexible alternative that enables enterprises to more effectively differentiate themselves based on the experience they provide to customers.
"We set aggressive goals in 2015 to appeal to a broader spectrum of the multi-billion dollar CRM market," said Larry Augustin, CEO, SugarCRM. "As we started to engage with large, global companies, we found many were looking for an innovative and flexible CRM that would help them improve the customer experience and grow their business. We're thrilled with the numbers we brought home in 2015 and are looking forward to continuing the momentum this year."
Fourth Quarter 2015 Financial Highlights and Company Momentum
The strong fourth quarter contributed to an impressive 2015 for the company, in which average deal size more than doubled for new customers. The growth was marked by demand for Sugar among businesses looking for flexible deployment options, easy and cost-effective integration with other platforms, and the support of complex workflows. Notable highlights in Q4 include:
- 81 percent year-over-year growth in ARR (annual recurring revenue) in the company's enterprise business line.
- 106 percent year-over-year increase in the average number of seats per new customer
- 42 percent increase in number of customers worth more than $100K in ARR.
- Record quarterly results in billings, backlog and total contract values
Full Year 2015 Highlights
Earlier in 2015, SugarCRM acquired assets from Stitch, a leading developer of personal assistant technologies that enhance productivity for mobile users. Incorporating Stitch technology made Sugar an even smarter, better-informed CRM system, and put information at mobile users' fingertips no matter where they are.
SugarCRM also introduced Sugar 7.6. This latest version of its CRM platform combines best-in-class business process management (BPM) with a consumer-grade user experience across all devices to automate complex business processes and help people "connect i2i" -- individual-to-individual. New Advanced Workflow tools in Sugar 7.6 allow non-technical users to automate and optimize even the most complex business practices, resulting in heightened customer experiences, improved productivity and reduced operating costs.
This year, SugarCRM signed formal partnerships with Infosys, HP Enterprise, Bristlecone and Sopra Steria among others to reach enterprise customers around the globe. These deals allowed the company to leverage the global reach and deep knowledge in CRM consulting and services of large, global system integrators.
SugarCRM opened its first Australian data center in November 2015. With proprietary Sugar On-Demand servers in Sydney, Sugar enables customers to comply with their own data sovereignty mandates and to better conform to Australia's new privacy laws. SugarCRM offers its customers the freedom to deploy in the broadest array of configurations in the manner that best suits their scalability, security and regulatory compliance requirements.
To cap off a year in which the company received numerous industry awards, PC Magazine readers voted SugarCRM the best CRM system in PC Magazine's Business Choice Awards. Sugar was the only CRM vendor to earn a positive NPS score from readers. PC Mag described Sugar as "in a class by itself compared to the competition" and "an enterprise-worthy and beloved solution for every aspect of the customer relationship."
For more information about SugarCRM please visit: http://www.sugarcrm.com
SugarCRM enables businesses to create extraordinary customer relationships with the most innovative, flexible 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. Based in Silicon Valley, SugarCRM is backed by Goldman Sachs, Draper Fisher Jurvetson, NEA and Walden International. More than 1.5 million 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 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: Sugar's ability to successfully expand its sales capabilities, Sugar's ability to move up market and execute on its enterprise strategy, SugarCRM's ability to develop, deliver and support its products, Sugar's ability to successfully expand its international operations, SugarCRM's ability to develop and maintain successful strategic relationships with third parties, including technology partners, channel partners, and professional services partners and SugarCRM's ability to manage growth and 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 and the SugarCRM logo are registered trademarks of SugarCRM Inc. Third-party trademarks mentioned are the property of their respective owners.