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The round completes a $20M investment from WP
Spigit, an enterprise-grade social networking software provider, on Tuesday announced its second $10 million equity round of financing from Warburg Pincus, which adds to a previous $10 million investment from Warburg Pincus. This brings Spigit's total raised to $26 million.
Founded in 2006, the company is one of many to capitalize on the growing influence of social networking in the large enterprise, where employees are typically scattered far and wide and may not know one another but need a way to connect that doesn't involve Farmville updates or embarrassing bachelor party photos.
Spigit is best known for its flagship product EnterpriseSpigit, a social platform for employees to network and share ideas, but it also offers a range of other products, including SpigitEngage for Facebook, a platform for engaging with customers on Facebook; SpigitFusion for facilitating collaboration on specific projects; GovSpigit for state, local, and federal government organizations; MobileSpigit for the iPhone; ContestSpigit, and more. And the company claims to be growing at 300% a year.
"Spigit's rapid emergence as the leader in the innovation management space reflects how the company's category defining platform provides significant ROI and benefits to its customers," said Warburg Pincus principal Vishnu Menon in a prepared statement. "We are excited about the company's growth trajectory and look forward to our continued partnership with Spigit's management team."
Spigit's customers include 20% of the Fortune 10 companies and 15% of the Fortune 500, including Apple, Walmart, eBay, Southwest, AAA, IBM, and more. Spigit was recently named one of JMP Securities' 2011 "Hot 100" software companies.
Spigit plans to use the new funds to beef up sales and marketing, expand product development, and grow its customer base.
Image source: Spigit.com
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