With its media prowess, it seems like Salesforce.com is the only player in the customer relationship management (CRM) space.

But, of course, there are a variety of competitors. Some are big players, like Oracle (NASDAQ: ORCL), Microsoft (NASDAQ: MSFT), and SAP (NYSE: SAP).

There are also some privately-held players, such as SugarCRM.

In fact, the company is launching its newest version of its software (the official release date is the end of September). Some of the new capabilities include improved customization and better approaches for an on-demand architecture.

Actually, the company has an interesting strategy. That is, there is an open source version of the software as well as different commercial solutions.

But is it really enough? Well, according to a piece in CNET, it looks like SugarCRM plans for a public offering for 2008 to 2009. The company hopes to achieve $100 million in revenues over this time period.

Of course, Salesforce.com is on track for $700 million in revenues for the year and is still growing at break-neck speed. Yes, SugarCRM has a lot to catch-up on -- and perhaps the better strategy is to sell out.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements.