SOURCE: Spigit

Spigit

July 14, 2011 08:02 ET

Spigit's Momentum Continues, Achieving Record Growth in Q2 2011

The Social Innovation Leader Maintains Impressive Levels of Advancement; Reporting Its Strongest Quarter to Date

PLEASANTON, CA--(Marketwire - Jul 14, 2011) - Spigit, the world leader in social innovation management software, today announced record performance in Q2 2011, including bookings growth of 138% over Q2 2010 and bookings 41% above Spigit's previous best quarter. The Company executed a total of 19 new customer transactions and 43 total transactions in Q2 2011, while recording record levels of renewal and professional services bookings. The Company also set new record levels for total and recurring revenue.

Spigit experienced record booking levels for new license bookings, direct and indirect bookings, as well as international bookings. Spigit also added key influential partners in Europe -- extending its relationship with global partner, Capgemini, in Latin America with Orion, and in Asia.

"Our software's ability to identify previously untapped business insights has led to our amazing growth quarter over quarter," stated Paul Pluschkell, Founder and CEO, Spigit. "The combination of highly anticipated product releases along with a number of innovation technology award recognitions, validate our leading position in the social innovation space. Spigit enables innovation on a previously unimaginable scale by harnessing the power of the crowd. The collective intelligence emerging from what the collaborative crowd discovers can be tapped and leveraged to make profitable business decisions. It's not just social, it's Spigit social."

Spigit continues to add marquee customers, including one of the largest banking institutions in the world, while exhibiting particularly strong momentum in the government sector. The social innovation leader recently welcomed the City of San Francisco and the City of Baltimore to its client roster. The two forward-thinking cities join the City of New York in their efforts to attain a more transparent, open government, leveraging Spigit's platform. This influential group of governing bodies joins O.co (formerly Overstock.com), US Bank, Reed Elsevier, and Lloyds TSB as members of Spigit's rapidly growing customer base.

In addition, Spigit announced the availability of its Software Development Kit, used to seamlessly integrate its social innovation solutions with any external application, as well as the latest version of its core SpigitEnterprise product, V3.2. This latest version was created to enhance user engagement and fuel employee productivity from within the enterprise, increasing the amount of actionable ideas that are captured for implementation. Spigit also launched V1.1 of SpigitEngage for Microsoft® SharePoint. The release provides customers with access to more flexible web parts and web page customizations, greater visibility into community activity and ideas, and a further enhanced user experience, allowing for increased community engagement.

Spigit was recently announced as a finalist in six categories for the 2011 Golden Bridge Awards. The awards highlight the world's best in organizational performance, products and services, executives and management teams, innovations, case studies, product management, public relations and marketing campaigns and customer satisfaction programs from every major industry in the world. Among the nominations include "Best Innovation Technology" and "Executive of the Year," where Spigit Founder and CEO, Paul Pluschkell, is nominated alongside Facebook's CEO, Mark Zuckerberg, and Yammer, Inc. Founder and CEO, David Sacks.

For more information about Spigit, or to learn how you can leverage the wisdom of your crowd to uncover actionable ideas, please visit www.spigit.com.

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About Spigit

Spigit is the leading provider of social innovation 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: Overstock.com, AAA, US Bank, City of New York, Reed Elsevier, and Lloyds TSB. Spigit currently powers innovation projects at numerous Fortune 2000 companies and has been named 2011 best "Social Media and Entertainment, Networking or Collaboration Product" by Network Products Guide, one of JMP Securities' 2011 "Hot 100" software companies, CIO Magazine's 20 to Watch in 2011, 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 or call 1-855-SPIGIT1.

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