NEW YORK (TheStreet) -- HubSpot (HUBS) is poised to continue its strong growth with the roll-out of an update to its customer relationship management system (CRM). The update bolsters HubSpot's offerings and should give it an even larger presence in the marketing space.
The Cambridge, Mass.-based company provides tools that help companies engage consumers and increase sales prospects. It has been among the hottest firms in the Boston area's vibrant technology space. Although its stock price has declined from an all-time high of nearly $54 a share in late July, its share price is up about $17 since its October 2014 public offering.
HubSpot's new update is a basic CRM tool that fits nicely with its marketing automation product. For existing customers, it makes HubSpot more useful by allowing them to store sales contacts directly in the product rather than in other platforms, like Salesforce.com (CRM) , with which HubSpot integrates. Now, HubSpot will be both an integration for the CRM leader as well as more of a competitor. For those who aren't already using HubSpot, the update is a free, basic CRM tool that they can use instead of products like Salesforce, which are powerful but expensive (and many organizations don't need the most advanced features). HubSpot can use this new free customer base to sell its advanced marketing automation offerings. The CRM product is free and has been rolling out over the past few months.
HubSpot has become a popular choice for enterprise-level sales teams. The HubSpot CRM has becoming a particularly important tool in marketing automation. HubSpot has over 15,000 clients in more than 90 countries. It has three marketing products costing $200, $800 and $2400 per month.