Exclusive - Spigit, maker of collaborative innovation management software for enterprises, will announce this morning that it has received an equity investment of $10 million from Warburg Pincus. The financing round completes a $20 million investment from the private equity firm, resulting in $26 million in funding overall for Spigit.
The company markets products that allow organizations to tap the collective intelligence of its employees, partners and customers to help them gain insights about their business.
Spigit founder and CEO Paul Pluschkell says the company is on a roll, growing at approximately 300% year-over-year by leveraging platforms like Facebook, SharePoint and mobile operating systems to basically allow innovation to “happen anytime, anywhere”.
According to the Spigit website, its platform is in use by more than 3 million subscribers today.
The $10 million will be invested in “game mechanics, social algorithms, behavioral sciences, and consulting services”, the company says.