SugarCRM sews up sweet deal to buy out junior upstart Stitch
No figures mentioned, but they should make a thrilling yarn for investors
SugarCRM – producers of customer relationship management system Sugar – have acquired the intellectual property rights "and other assets" of mobile start-up Stitch.
Stitch is a the sales automation outfit - or, as they would put it, a "personalised digital assistant" that offers integrated analysis of email, calendar and CRM systems data.
The acquisition of Stitch's IP and personnel is intended to "make Sugar an even smarter, better-informed customer relationship management system, and put information at mobile users’ fingertips no matter where they are”, said CEO Larry Augustin.
Jason McDowall, co-founder and head of product at Stitch, stated that they are “very excited to be part of the SugarCRM family”.
"We share the same vision as SugarCRM and by combining our teams, we’re uniquely positioned to help shape the future of customer relationship management," asserted McDowall, in what was, ironically, a rather saccharine press release.
Neither Stitch nor Sugar are mentioning the price of the acquisition, though CrunchBase recorded Stitch receiving $3.3m in investment in a funding round last year. ®