Socialtext raises funds and cuts stuff

Socialtext raises $4.5 million and announces layoffs

Financial trends and news by Chris Caceres
April 3, 2009
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 Socialtext, has announced its raised $4.5 million in Series D funding from Draper Fisher Jurvetson and Omidyar Network, according to its blog.  Eugene Lee, CEO of Socialtext also said the company will be laying off 6 employees due to an effort in which he explains as, "trimming our expenses to make sure we drive the company to profitability despite the uncertainty of the economic recession."

Palo Alto, Ca., based Socialtext, offers social networking software solutions for enterprise companies.  Its products work with the social Internet including Wiki Workspaces, Collaborative Weblogs, Social Networking, Social Messaging, Distributed Spreadsheets and a Dashboard. 

Adding on to its array of products, Socialtext has also launched, Socialtext Signals, which offers micro-blogging very similar to Twitter.  The application runs on the user's desktop using Adobe AIR technology, similar to Tweetdeck.

If a user needs to add unique functionality, Socialtext also has an open API platform so users can build their own widgets using the Google OpenSocial Gadget standard. 

Socialtext's products are offered as SaaS.  To get the full package deal, companies pay Socialtext $15 per user per month with a 50 user minimum

The company has around 4,000 customers world-wide including Intel, IKEA, Symantect and Nokia. 

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Description: Socialtext Incorporated is the first wiki company and leading provider of Enterprise 2.0 solutions. Socialtext captures the best features...

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