SOURCE: Spigit

Spigit

November 22, 2010 08:02 ET

Spigit Announces Record Bookings, Revenues and Customers in Q3 2010

Spigit Gains Significant Momentum With Impressive Business Results, Industry Leading New Customers and the Expansion of Its Operations Into Europe

PLEASANTON, CA--(Marketwire - November 22, 2010) - Spigit, the world leader in idea management software, today announced new records in Q3 for revenue attainment, bookings, new customer contracts, and the overall number of contracts signed, making it the company's strongest quarter in its history. In the quarter, Spigit also increased its headcount to more than 80 employees and expanded its customer roster to include approximately 125 companies -- 20 percent of which are in the Fortune 500.

Spigit saw its highest overall quarterly bookings in Q3 2010, after a previous record breaking quarter in Q2 2010. The Warburg Pincus backed company saw bookings growth of 12 percent quarter-over-quarter, and bookings growth of 538 percent year-over-year (Q3 2010 vs. Q3 2009). Spigit also saw impressive growth in revenues of 92 percent quarter-over-quarter and 151 percent growth year-over-year.

Additional momentum in Q3 includes the growth in the company's employee base by 296% since Q3 of 2009, reflecting the continuous increase in scale and resources needed to meet the needs of its market and financial growth, and the opening of its wholly owned subsidiary "Spigit UK Ltd". This is the first company subsidiary located outside of the U.S. and will allow for increased expansion into European markets and beyond.

"The continuous growth and momentum we have experienced over the past year are indicative of our position as the leader in innovation management solutions," said Paul Pluschkell, CEO and Co-Founder of Spigit. "Our goal is to help companies achieve success through the implementation of scalable and engaging idea management communities. We anticipate continued success through the rest of the year as we remain focused on expanding our global customer base and delivering new game-changing solutions for innovation."

Industry Leading New Customers
Spigit also secured a record number of new customers in Q3, bringing the total number of active clients to approximately 125. Among the impressive list of companies are global financial leader US Bank, and the market leading pharmaceutical company Novartis, and Adventist Health, a non-profit health care facilities organization. Other customers include Australian-based water conservation company, Melbourne Water, and leading international "welfare to work" services provider, Ingeus.

Spigit also welcomed BASF, the world's leading chemical company as a customer in Q3. Having recently launched their first external ideation portal, BASF is leveraging Spigit's "crowdsourcing" capabilities to mine the collective intelligence of design professionals worldwide to uncover new economical and sustainable energy sources.

This influential group of innovative companies joins AT&T, AutoNation, AAA, Cisco, Pfizer and Allstate as members of Spigit's rapidly growing and market leading customer base.

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About Spigit
Spigit is the leading provider of collective idea management software, connecting employees, customers and business partners for innovation and insight discovery. Using enterprise-grade social technology, Spigit's software taps into the collective intelligence of an organization and transforms it into actionable, predictive information. By incorporating incentives, idea graduation, idea trading and real-time analytics, Spigit allows companies to harness the social capital within. Our technologies are used by the largest and most innovative companies in the world including: Pfizer, AT&T, Southwest Airlines, Allstate, AAA, and Lloyds TSB. Spigit currently powers innovation projects at numerous Fortune 2000 companies and has been named Best of Software Interop 2008 and is listed on the AlwaysOn Global 250 list, the power list of the top 250 private global technology companies. For more information, visit www.spigit.com.

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