SugarCRM has grown to be one of the most popular CRM packages around. It helps them considerably that they are an open-source project, and have integrated both free and commercial packages with one suite. They are continuing to expand, such as with today's release of a new beta.

They are going a lot farther than that, however, and recently the CEO of SugarCRM has announced that they intend to go public eventually. That isn't going to happen immediately, but isn't all that far off, with Mr. Roberts expecting it to happen within two years. What makes this quite feasible and likely is the level of success the company has seen financially, not relying on large investments:

Since its launch, SugarCRM has funded its growth largely from revenue, rather than the $26 million in venture funding it raised, he said.
Continuing to offer their software (in whatever iteration) for free has helped them too – companies that initially start off deploying Sugar as a free product are more likely to go to paid subscriptions in the future.

I say more power to them. Companies like Sugar help push the idea that open source doesn't mean poor quality, and that a closed model isn't always the right one. I only hope that if they do go public, they do not alter their business strategy because of it.