Accel-KKR has backed SugarCRM, a provider of customer relationship management solutions, with an undisclosed investment.
The technology-focused private equity firm said it has made a ‘strategic and significant investment’ in the company.
Founded in 2004, SugarCRM has raised more than $123m to date, having previously raised funds from the likes of Goldman Sachs, Walden Ventures, New Enterprise Associates, DFJ, Gold Hill Capital and Silicon Valley Bank, among others.
Based in Cupertino, California, SugarCRM enables businesses to create customer relationships through its customer relationship management (CRM) solution, which focuses primarily on management and reporting.
SugarCRM’s CEO, Larry Augustin said the investment will enable substantial business growth, both organically and inorganically.
“At SugarCRM, we are helping our customers increase the productivity of their sales, service and marketing teams with an intuitive user experience that automates common business processes and orchestrates actions and information to increase the efficiency of every customer-facing employee,” he added.
“Through technology we are helping businesses outmaneuver competition and achieve business outcomes faster by using AI, machine learning and predictive insights to add intelligence everywhere inside the user experience. It’s an exciting industry and we’re delighted to be at the forefront.”
The company provides its solution to a range of industries including financial services, business services, Capital markets, wealth management, credit unions, insurance and commercial banking, among others.
SugarCRM claims to streamline and automate multi-stakeholder processes, like onboarding, compliance, and KYC, with flexible workflows built to automate and simplify processes across front, middle and back-office.
It also helps customers remain complaint with regulation by enabling them to implement a security model in accordance with data sharing and data visibility requirements. Premium Cloud , SugarCRM’s single-tenant SaaS offering, offers customers ‘the ultimate control’ over their data, resources, and change management.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
