SOURCE: Spigit

Spigit

April 19, 2011 08:02 ET

Spigit Kicks Off 2011 With Another Record Quarter

Continued Momentum Fuels Strong Bookings Growth of Over 520% From Q1 2010

PLEASANTON, CA--(Marketwire - Apr 19, 2011) - Spigit, the world leader in innovation management software, today announced sustained overall performance in Q1 2011, including bookings over 520% above Q1 2010, accelerating the growth of total and recurring revenues to record levels. The Company also executed 6 key partnerships that further extend its channel strategy, resulting in a record bookings quarter for International business.

Since welcoming Dr. James Gardner as General Manager of Spigit's International team, the company has increased its global focus, adding 11 employees outside the US since January 2011. Only four months after Spigit announced its extended efforts in EMEA, the company has generated impressive results, reporting a record number for both international bookings and customers added in Q1 2011. Moreover, Spigit experienced an internal pipeline growth over 300% in the last quarter alone.

"The first quarter of 2011 was a key strategic quarter," stated Mark Tisdel, Chief Financial Officer, Spigit. "We continue to extend our market-share lead in total number of licensed customers and recurring revenue. Now, entering Q2 2011 with a record level pipeline, we continue to stay very focused on the success of our customers and expect these high levels of growth to continue."

Spigit continues to add marquee customers, including AARP, Houghton Mifflin Harcourt, a leading global education company, and Reed Elsevier, a provider of professional information solutions in the Science, Medical, Risk, Legal and Business sectors. This influential group of innovative companies joins Overstock.com, AutoNation, AAA, Cisco, and Southwest Airlines as members of Spigit's rapidly growing customer base.

In addition, Spigit added two new products to its social business suite: SpigitEngage for SharePoint® and SpigitEngage for Facebook®, both of which have significantly enhanced the company's market presence. The company also received an additional $10M in funding from Warburg Pincus, a leading global private equity firm, and was recognized for a number of prestigious awards including, JMP Securities' list of "Hot 100: The Best Privately Held Software Companies" and CIO's list of "Twenty Companies to Watch In 2011."

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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: AT&T, Southwest Airlines, Overstock.com, 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.

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