Software vendor SugarCRM has revealed it has now a single investor, technology-focused private equity firm Accel-KKR (AKKR).
AKKR did not disclose the value of the deal but revealed it was a nine-figure strategic and significant investment.
Previously, SugarCRM counted on at least four investors: Goldman Sachs; Draper Fisher Jurvetson; Walden International and New Enterprise Associates (NEA).
With the fresh investment SugarCRM expects to grow both organically and inorganically.
"Our plan is to double our revenue through acquisition funded by Accel-KKR and organic growth. Our current revenue is $100 million," a SugarCRM spokesperson told ARN.
Accel-KKR has $4 billion in committed capital across buyout and growth capital investment funds - the private equity firm focuses on software and IT-enabled services companies that are well positioned for top and bottom-line growth.
“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” SugarCRM CEO Larry Augustin said.
“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.
"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."
SugarCRM will apply the new funds towards 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.
The fresh investment is also going to support a "strategic acquisition program", which the company declined to offer more details on it.
“With our extensive and global network, we will be able to introduce SugarCRM to potential customers and partners around the world," Accel-KKR managing director Jason Klein added.
"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.”