News Column

Spigit Announces Record Growth and New Round of Funding in 2013

May 10 2013 12:00AM

Marketwire

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SAN FRANCISCO, CA -- (Marketwired) -- 05/10/13 --


CORE NEWS FACTS

Spigit, the global leader in enterprise innovation software, today announced that the company has experienced record growth in fiscal year 2012 and Q1 2013, attracting $10 million in new equity from Pico Holdings Inc.

•In the first quarter of 2013, Spigit added 15 new customers to its roster including Accenture, Enbridge, US Postal Service, Experian, Baker Hughes, Macy's, TUI Travel and Daimler.

•Spigit closed 2012 with 93 percent in revenue growth to $17.4 million, more than 50 new customers added and 1,000+ new communities. Spigit currently has over 1.8M users.

•Additionally, Spigit recently won 6 awards and was named the #1 fastest growing private software company in California by Inc. 500|5000.



SUPPORTING QUOTES
"We were an early investor in Spigit and have been impressed with their growth and the quality of their customers as they have become the premier social enterprise innovation platform," said John Hart, President & CEO, Pico Holdings, Inc. "We have invested additional capital such that they are now a subsidiary of Pico Holdings, providing them with adequate capital and additional resources to continue their growth and allow them to further become embedded as the first choice in enterprise innovation management software."

"Spigit is experiencing record quarter over quarter growth, helping companies drive engagement and increasing innovation with our Enterprise Innovation platform," said Paul Pluschkell, CEO and founder, Spigit. "We are constantly adding top-tier clients to our customer roster, earning recognition for our products and are excited about the industry we are helping to create. In addition we are on a path to break-even by late this year."

"The rollout of Spigit to our employee population of 4,300 marks another step toward enabling open collaboration across levels and business areas to build a cultural competency for innovation," said Chris Peronto, Principal, Strategic Advisor - Business Development, Blue Cross Blue Shield of North Carolina. "Spigit gives us the ability to tap employees at our campuses around the state and those with virtual offices in order to consider, collaborate and create the next wave of solutions to create a better health environment in North Carolina."

"BECU places a premium on member and employee engagement," commented Jeffrey Duke, Manager of BECU's program for collaborative innovation. "Spigit's capabilities and practice knowledge enable us to invite employees to be part of the conversation around where we as an organization are headed. The response has been fantastic."

KEY INDUSTRY STATISTICS

•75 percent of executives are concerned that they do not have transformational growth ideas. (1) •Companies with transformative innovation had 30 percent in sales from new products versus 14 percent of others. (1) •Improved communication and collaboration through social technologies could raise the productivity of workers by 20 to 25 percent. (2) •86 percent of organizations are dealing with disengaged or detached employees to a large extent: Disengagement costs the American economy up to $350 billion per year in lost productivity.(3)

SOURCES

1. The Corporate Executive Board finding from 2012, "Transformative Innovation: Reinvigorating Teams and Processes to Spur Breakthrough Ideas" http://www.executiveboard.com/exbd-resources/pdf/executive-guidance/EGQ22012-Final.pdf
2. Mckinsey Global Institute Finding from 2012, "The social economy: Unlocking Value and Productivity Through Social Technologies" http://www.mckinsey.com/insights/high_tech_telecoms_internet/the_social_economy
3. Silk Road Survey, "Creating a High Performance Work Environment" http://pages.silkroad.com/Creating-a-High-Performance-Work-Environment-Registration.html

ABOUT SPIGIT
Spigit is a leader in Enterprise Innovation, helping organizations unleash the creativity of employees, customers and partners to find transformative ideas that drive growth. Leveraging crowdsourcing, game mechanics and big data analytics, Spigit's platform is helping the world's leading brands invent disruptive products, generate new revenue streams, build an innovation culture, reduce costs and significantly improve employee and customer engagement. Highly respected companies in the Retail, Healthcare, Financial, Technology, Government, Insurance, Utilities and Pharmaceutical industries use Spigit. Headquartered in San Francisco's Bay Area, Spigit is the innovation engine that drives growth and a key player in the social enterprise market. Spigit was recognized in the 2012 Inc. 500|5000 as the 67th fastest growing private company in America, 4th fastest growing company in the software sector and 6th fastest growing company in the San Francisco area. For more information, visit www.Spigit.com or follow us on Twitter @Spigit



CONTACTS:
Shail Khiyara
Spigit
925-452-6515
shail@spigit.com





Source: Marketwire