SOURCE: Spigit

Spigit

February 03, 2011 08:02 ET

Spigit Finishes Strong in Q4 2010 With Another Record Breaking Quarter

Spigit Again Breaks Records for Bookings, Revenues, Number of Customers, Transactions, and Company Growth

PLEASANTON, CA--(Marketwire - February 3, 2011) - Spigit, the world leader in innovation management software, today announced record results in Q4 2010 for total bookings, total revenue, new customers and contracts signed, making it the strongest quarter in company history.

Spigit saw its highest overall quarterly bookings in Q4 2010, after two previous record-breaking quarters in Q2 and Q3 2010. The Warburg Pincus backed company saw a bookings growth of 67 percent quarter over quarter, and bookings growth of 272 percent year over year (Q4 2010 vs. Q4 2009). Spigit also achieved impressive growth in revenues of 29 percent quarter over quarter, and more than 100 percent growth year over year.

Additional momentum in Q4 2010 includes growth in the company's employee base of 189% since Q4 2009, finishing the year at close to 90 employees and reflecting the continuous increase in scale and resources needed to meet the needs of its significant market and financial growth.

Industry Leading New Customers

Spigit secured a record number of new customers in Q4, bringing the total number of active clients to approximately 150. Among the impressive list of new companies joined are Australian wealth management leader AMP, and the leading provider of innovative hardware and software platforms for IP-based wireless, wireline and video networks, Radisys. Spigit also welcomed Novant Health, a not-for-profit healthcare leader as a new customer.

This influential group of innovative companies joins Overstock.com, AutoNation, AAA, Cisco, Southwest Airlines and Allstate as members of Spigit's rapidly growing and market leading customer base.

The idea management leader also had several significant announcements throughout Q4 - 2010, including:

2010: The Year in Review

Compared to 2009, Spigit reported a year over year bookings increase of 230% and a year over year revenue increase of over 100%. The idea management leader also experienced tremendous employee growth in the areas of professional services, development, sales and executive leadership, with a headcount increase from 29 employees at the end of 2009, to 84 at the closing of Q4 2010. Furthermore, Spigit welcomed a significant number of new customers in 2010, increasing its total customer count by 165%.

"The 4th quarter of 2010 was a record quarter for Spigit by all accounts," says Paul Pluschkell, Co-founder and CEO of Spigit. "We continue to grow our lead in market-share both in total number of licensed customers and recurring revenue. Companies are seeking a comprehensive innovation solution to help them institutionalize innovation, and they have unanimously chosen Spigit as their system-of-record vendor for Enterprise Social Idea and Innovation Management. We'd like to thank our dedicated customers for making this a great 2010 and we look forward to another record breaking year in 2011."

Supporting Resources

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: AT&T, Southwest Airlines, Overstock.com, Allstate, AAA, and Lloyds TSB. Spigit currently powers innovation projects at numerous Fortune 2000 companies and has been named one of JMP Securities' 2011 "Hot 100" software companies, 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.

Contact Information