Spigit Raises $10 Million For Social Productivity Software
Posted: 15 Oct 2009 04:50 AM PDT (TechCrunch)
Social productivity startup Spigit raised $10 million in Series B funding from private equity firm Warburg Pincus. This brings Spigit’s total funding up to $14 million. Spigit’s CEO and Founder, Paul Pluschkell says that the company will use the funds towards product development, and sales and marketing efforts.
Spigit’s products help businesses and teams contribute ideas, offer feedback and evaluate concepts to streamline idea generation and promote innovation. Spigit recently launched integration with Microsoft SharePoint, which includes a dashboard that provides real-time updates on activity, hot topics and employee contributions within a business, an advanced analytics engine that identifies the best ideas among all contributions and a customizable workflow systems to manage ideation. The software also evaluates employees and offers an incentive and rewards program.
Spigit’s software has some big name clients IBM, Pfizer, Lloyds Banking Group, Walmart, MedPlus, Southwest Airlines and Choice Hotels International. The startup faces competition from Jive and BrightIdea.
This is big PM news. There is a rapid PM sea change underway. There
are a lot of new firms coming on-stream. Some others, with weaker
offerings, are dying. Spigit’s $10M placement by the venerable Warbug-
Pincus for PMs should put everyone in PMs on notice.
Warbug-Pincus does their homework. Trust me, living in Silicon Valley,
I know WP, and they do not take these placements lightly. Their
legendary due diligence is robust, to say the least, particularly now.
This placement is a testimony to the rising fortunes of the PM markets
in general, and the leading vendors in particular. Congratulations to
Spigit!
For these matters, past is always prologue. As Spigit knows well,
activation in industry commons, community and networks, is among the
leading critical success factors for survival during the forthcoming
PM shake-out. Hold on to your hats!
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Interesting,
This is a very inspiring post,
Keep up the good work,
Thanks
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