Budgeting, Planning & Forecasting

Budgeting, Planning & Forecasting

March 23, 2012

Spigit Secures $15.2 Million in Series-E Funding Round

Spigit, a Pleasanton, CA (News - Alert)-based provider of a software as a service (SaaS) platform for enterprise innovation management, has secured $15.2 million in a fresh round of series-E financing. The company has now accrued $41.2 million in capital.

The latest financing round was led by global private equity firm Warburg Pincus, a long-term partner of Spigit. The newly acquired capital will allow Spigit to expand its product portfolio with the introduction of a new revolutionary crowd innovation platform, according to a press release

Many large enterprises and companies across several industries and government organizations use Spigit software solutions to address their most pressing business challenges by tapping into the collective intelligence of their constituents. The enterprise social software market is growing 15 percent per year. According to Gartner’s (News - Alert) prediction, it will be a $1 billion industry in 2012.

Spigit plans to use its funds in a way that will allow it to grab a significant market share. Part of the fund will invest in new hires. The company hopes an enhanced employee base will enable it to accelerate organizational innovation and take advantage of new market opportunities.

Warburg Pincus (News - Alert) has been a long-term partner that shares our passion and vision for the future of innovation,” CEO and founder of Spigit Paul Pluschkell noted in a statement.

“With this round of financing, we will continue to develop the leadership position of our core products and will release a new revolutionary crowd innovation platform.”

Over the past five years, Spigit has reported rapid expansion to its customer base, which, according to the company, doubled in the last year. The firm achieved significant milestones in 2011, including 133-percent bookings growth year-over-year, 1,885 percent revenue growth from 2008 to 2010 and an addition of nearly 100 new brand name clients in 2011.   

“When we first invested in Spigit, Paul and the management team had pioneered the field of social intelligence, enabling organizations to utilize the explosion of social interactions to derive actionable insights and understand who their internal experts are,” said Vishnu Menon, Managing Director of Warburg Pincus. “The company's vision has resulted in a continued tremendous response from customers and their emergence as the industry standard for innovation management, which is why we are investing yet again.”

Spigit recently announced new, user-driven upgrades designed to capture the potential of people where and how they work in its SpigitEngage 3.3.1 release.


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