Spigit Announces Record Revenue and Momentum in First Half of 2010

PLEASANTON, CA–(Marketwire – July 13, 2010) –  Spigit, the leader in collective idea management software, today reported record business results for the first half of fiscal 2010, including new customers and products and considerable revenue growth.

“Our financials for the first half of 2010 were outstanding, achieving record bookings and revenue that’s the strongest since our inception in 2007,” said Paul Pluschkell, CEO and co-founder of Spigit. “In three short years we have become the leader in new customer acquisitions and total revenue due to three key differentiating components: software algorithms, behavioral science methods and game mechanics. We’ve made significant inroads in market share and have seen strong growth in products, customers and average deal size, reinforcing our position as the leading idea management provider. We expect continued growth through the rest of the year as we grow our global customer base and further invest in customer service, product development, and leading edge technology.”

Company Growth and Business Results
Spigit had its largest growth of bookings in Q2 2010. The Warburg Pincus backed company saw a growth of 287 percent compared to the previous quarter and solid growth of 308 percent compared to the same quarter last year. The company doubled their customer base and grew its employee base by 107% since January 1, 2010. Further, Spigit opened a professional services office in Boulder, CO, a sales office in the Washington, D.C. area and has expanded its office space in Pleasanton, CA.

Spigit’s rapid growth and expansion in the idea management space aligns with recent sentiment from companies that are looking to use innovation and idea management to not only differentiate themselves from competitors, but to advance companies out of the economic recession. The company’s recent success proves that Spigit is creating a new software category in SAAS Idea Management. For the first time, companies have the opportunity to innovate using their own resources. They are now in a position to create their future. According to a Boston Consulting Group report on innovation from 2010, 72 percent of respondents said that their companies consider innovation a top-three priority, versus 64 percent in 2009. 84 percent of respondents said their companies consider innovation an important or extremely important lever in their ability to reap the benefits of an economic recovery.

Product Highlights
Over the course of the first half of 2010, Spigit launched four new products and upgraded its idea management and innovation platform to version 3.0. Additionally, the company launched its iPhone application, MobileSpigit, to provide Spigit users access to their communities and ideas while on the go.

Spigit continued its work with government agencies with the launch of CitizenSpigit, giving citizens greater access to government entities by allowing them to work hand-in-hand with citizens and employees to create better communities and make more informed decisions. Finally, ContestSpigit was launched as Spigit’s first idea management platform built specifically for external facing communities, allowing companies to truly use the wisdom of the crowds for new ideas and better decision making. ContestSpigit was used by Cisco in their second successful I-Prize competition, where the next Billion-dollar business was identified.

C-Level Hires
Spigit appointed Mark Tisdel as its first CFO. He brings 20 years of experience in executive management, corporate finance and product management and is responsible for developing a public company infrastructure to ensure operational excellence and sustained profitable growth. Also, Kevin Cummins was hired to serve as Spigit’s first COO. He will help drive strategy, marketing, operations and support. Kevin has more than 20 years of experience in sales and sales management, as well as software and engineering global market development.

New Customers
Spigit added several high-profile customers to its roster in the first half of 2010. Southwest Airlines is using Spigit’s collective idea management platform to drive innovation within the company through its “Ideas Runway” program. In the government sector, the City of Manor, Texas is the first city to use Spigit’s idea management platform, allowing citizens to submit ideas and thoughts on how to improve citizen collaboration and satisfaction. Since implemented, there have been more than 80 ideas submitted and more than five implemented to date. City of Manor and Southwest joins Cisco, AAA, Pfizer, Allstate and Lloyds Bank in the rapidly growing customer base.

Supporting Resources

• To learn more about Spigit, watch a demo video here
• Read more about Spigit on their Blog
• Follow Spigit on Twitter
• Join the Spigit Fanpage on Facebook
• Customer win press releases for Southwest Airlines and the City of Manor, Texas

Tags

• Spigit, innovation, social media, social software, collaboration, business innovation, crowdsourcing, Southwest Airlines, City of Manor, Texas, financials

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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