Socialtext Receives Cash Infusion to Further invest in the Future of Social Collaboration
The enterprise social software space has seen tremendous growth and innovation over the past few years. This is beginning to contribute to the demise of information and knowledge silos previously seen in corporations. With this, enterprises have been able to unlock and release information and knowledge across teams, groups, departments, functional organizations, business units, and even across company boundaries. Breaking down silos of all types is our vision for the future for enterprise social collaboration.
Today I am pleased to announce that we at Socialtext have taken a huge step towards our vision by receiving a significant strategic cash infusion by Bedford Funding, the $1.4 billion private equity firm behind Talent Management Solution provider, Peoplefluent™. The infusion of capital that we are receiving will accelerate the development of our industry-leading enterprise social collaboration tools and augment sales efforts for both sides. We will ramp up hiring in all areas, and will also serve as the new Silicon Valley hub for Peoplefluent.
With this partnership, both Socialtext and Peoplefluent customers can now experience all the benefits of becoming a social enterprise has to offer. Deploying a Social Intranet inside your company can help you avoid the fate of information silos; more importantly, you can inject data, transactions, reports, and objects from your core enterprise applications into the social stream – by deploying what we refer to as the “Social Layer” within the enterprise architecture. The layer will span all employees across all organizational boundaries and be the connector to key enterprise applications beneath it in the architectural stack. Our initial approach to enabling the Social Layer was our introduction of Socialtext Connect, which we will continue to extend with Peoplefluent.
The talent management industry has quickly adopted the use of social software to get work done in a more convenient way. Peoplefluent will put Socialtext to work and are planning for a strategic software integration, which will allow employees to incorporate the solution into their daily workflows. Socialtext will continue to act, sell and service its social software customers independently and without interruption. Here’s what Charles S. Jones, Managing Director of Bedford Funding and Chairman and CEO of Peoplefluent™ had to say:
We are investing in Socialtext to help solidify its leadership position in enterprise social software. Our recent strategies have focused on creating solutions for our customers that enable greater employee engagement and collaboration across the enterprise. This investment in Socialtext, and its industry leading social software, immediately advances our approaches in customer support, service, education and ongoing collaboration.
At Socialtext, we strive to provide a social software SaaS solution that delivers a resource for customers to communicate, collaborate on internal projects and connect on the information necessary to be more effective in the workplace. Our unique deployment model – all SaaS, but either public or private cloud – meets companies’ specific and unique security requirements, while making sure companies still reap the benefits of software as a service (SaaS) — including fast deployment, fast iteration cycles, little or no maintenance and low total cost of ownership. With this, Peoplefluent will have the ability to simplify the exchange of ideas and corporate data, therefore knowledge silos that traditionally hampered them will be removed.
Moving forward, we are excited to be expanding our internal workforce, and will continue to adapt and produce an innovative product based on our customers’ feedback. With an increase in resources, we will be able to offer an even better customer service experience and expand on our priority of enabling customers to achieve business value, as well as adoption. After all, at Socialtext our methodology emphasizes the importance of identifying business champions through partnership with our customers and through implementation to ensure they are experiencing maximum business results, which will only increase as we join the Bedford and Peoplefluent family.