Jive Software Secures $12 Million in Series B Funding From Sequoia Capital to Accelerate Growth
Posted on: Monday, 19 October 2009, 23:01 CDT
PORTLAND, Ore., Oct. 20 /PRNewswire/ --
Company News
- Jive, the Social Business Software leader, today announced that it has received $12 million from Sequoia Capital in its Series B round of funding. Sequoia also funded Jive's Series A round of funding in August 2007.
- Jive will use the proceeds to increase its product footprint through new innovation and product development, expand its partner ecosystem, grow its sales and customer support teams, and to further capitalize on its market momentum.
- In Q3 2009, Jive further expanded its market momentum with more than 100% revenue growth as compared to Q3 2008 -- Jive's fourth straight quarter of record revenue growth -- and the company maintained its financial profitability.
- The funding comes in the wake of the company's most significant period of innovation and growth since its inception in 2001.
- During the first nine months of 2009, Jive added a number of large enterprise customers, including Cricket Wireless, Experian, InterContinental Hotels Group (IHG), Lufthansa, McAfee, the National Journal Group's 3121, Premier Farnell, Swiss Re, and Toshiba American Business Solutions.
- Jive delivered several new products in 2009. In just the past 30 days, Jive has announced Jive Market Engagement, a new solution that combines the power of social media monitoring with Social Business Software, and Jive Connects, a series of modules that will enable organizations to surface content and activities from almost any content management system (CMS) inside Jive Social Business Software (SBS).
Commentary
- "Enterprises want to accelerate collaboration efforts by embracing Social Business Software. The vast majority of employees have already been exposed to social software through the consumer experience, dramatically improving the rate of adoption," said Jim Goetz, Partner, Sequoia Capital. "With Jive's experienced management team, visionary product strategy and customer success, it is poised to lead the corporate opportunity and to transform how work gets done in the global enterprise."
- "Jive Software has been keenly focused on changing the way enterprises look at collaboration, networking and community building to drive better business results - and we're ready to take it to the next level," said Dave Hersh, CEO of Jive Software. "Sequoia has been an ideal partner to guide us on a solid course to execute on our market opportunities and to provide us the resources to build for future growth."
Additional Resources
About Jive Software
Jive frees people to engage in open, natural business conversations and workflows that typically are trapped inside of emails, phone calls or meetings. As the leading enterprise-class suite of SBS applications for Global 20 solutions are the first to effectively manage employees, customers, and partners on a unified platform built for tens of thousands of users and millions of page views.
SOURCE Jive Software
Source: PR Newswire
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