Spigit, provider of a leading innovation management platform for enterprise, has received a USD10 million equity investment from Warburg Pincus, a global private equity firm.
Spigit will use the growth capital to continue to build on its strong customer base, expanding its product development, and sales and marketing efforts.
"We are very excited to have Warburg Pincus on board as we work to position Spigit for expansion on a global scale," said Paul Pluschkell, CEO and Founder of Spigit. "As a worldwide leader in identifying and supporting the growth of exceptional businesses, Warburg Pincus’ investment is an important milestone in Spigit’s growth and development. We look forward to utilizing both the funding and the valuable expertise of Warburg Pincus to grow our market share and meet increasing customer demand."
Spigit’s InnovationSpigit and IdeaSpigit platforms enable companies to tap into the collective creativity of employees, stakeholders and customers to discover new ideas, foster idea communities and encourage participants from across the organization to contribute to and improve the innovation process.
Spigit integrates emergent social collaboration with traditional workflow and analytics, expanding companies’ sources of innovation and reducing time-to-implementation for good ideas. Organizations are using Spigit to source new product ideas, manage project proposals, uncover new revenue opportunities, strengthen operational processes, improve their customers’ experience and solve global and civic issues.
"Spigit’s groundbreaking InnovationSpigit software has helped change the face of innovation in the enterprise by creating an environment where innovation can become part of the corporate culture and novel ideas can be developed into actionable intelligence," said Patrick Severson, a Managing Director at Warburg Pincus, who will join the Spigit board of directors along with Vishnu Menon, a Principal at Warburg Pincus. "Some of the most visionary companies in the world have already discovered the power of Spigit’s platform to drive profitable innovation and we look forward to helping solidify the company’s position as a market leader in innovation management."
Spigit’s award-winning innovation solutions are already in use by several Fortune 2000 companies and other well-known brands at the forefront of innovation. Spigit was recently named to InformationWeek’s Startup 50 list of the top business technology startups as selected by readers and editors.
