Fenwick & West LLP represented Spigit, Inc. in its recently announced investment of $15 million in a Series E financing. The transaction was led by Warburg Pincus, bringing Spigit’s total amount raised to $41.2 million.
The Fenwick & West transaction team was led by corporate partner Mark Stevens, corporate of counsel In Lee and corporate associates Sarah Herman, Katherine Duncan and Faisal Rashid.
Spigit, based in Pleasanton, CA, is a leader in social innovation software and services. Their platform enables organizations to tap into the collective intelligence of employees, customers, partners and fans to help tackle business objectives. Using sophisticated analytics built on advanced mathematics, Spigit takes us beyond information gathering and analyses to real time decision making and meaningful prediction. The five-year-old company has seen significant success bolstered by a rapidly growing customer base, with milestones in 2011 including:
- 133 percent bookings growth year-over-year
- 1,885 percent revenue growth from 2008 to 2010
- Adding nearly 100 new brand name clients in 2011, almost doubling client base over 2010
- Used by over 5 million customers’ employees, including 25 percent of Fortune 100 companies