Record fourth quarter, with 92 percent year-over-year billings growth; Annual growth hits 67%
CUPERTINO, Calif. – February 22, 2012 – SugarCRM, the world’s fastest-growing customer relationship management (CRM) company, today announced that it closed another banner year in 2011, achieving record billings growth and its ninth consecutive quarter of accelerating sales. The results reflect the company’s continued success in expanding its global customer base and channel network. With more than 1 million users and 370 channel partners, SugarCRM is now the third most widely used CRM in the world.
Driven by increased global adoption of SugarCRM and new product capabilities enabling the company’s advancement into the enterprise market, SugarCRM saw strong financial performance in 2011. In the fourth quarter of 2011, SugarCRM’s billings growth increased by 28 percent over the previous quarter and climbed by 92 percent over the same period in 2010. The company turned cash flow positive in Q4 2010 and was net cash positive for the full year 2011, driven by strong 67 percent top-line billings growth.
“SugarCRM has delivered another remarkable year, and is strategically positioned for ongoing success in this dynamic CRM market,” said Larry Augustin, SugarCRM’s chief executive officer. “We are driving increased CRM adoption across markets and industries by offering the best solution to our customers, partners and channel network.”