Jive Software Secures $12 Million in Series B Funding From Sequoia Capital to Accelerate Growth
Funding To Drive Global Expansion and Rapid Innovation
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
-- Jive CEO Blog on Series B Round
-- Jive Software Website
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
CONTACT: Aaron Wessels of Reidy Communications, +1-415-643-8090,
aaronw@reidycommunications.com, for Jive Software
Web Site:
http://www.jivesoftware.com/
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