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Spigit Leads in Social Innovation 2.0 With Crowdcast Acquisition

Industry Leader Acquires Award Winning Technology to Help Forecast Business Results of Innovation for the First Time

SAN FRANCISCO, CA–(Marketwire – Sep 18, 2012) – Spigit, the global leader in Social Innovation Software, today announced it has acquired San Francisco based Crowdcast, the company that defined Social Business Intelligence. Spigit with Crowdcast transforms innovation into a predictable discipline with the business rigor traditionally associated with Marketing, Accounting, or Sales. For the first time, leaders can plan, visualize and manage the entire innovation pipeline.

With Crowdcast, chosen as one of the world’s most innovative companies by MIT’s Tech Review in 2011, Spigit has the only solution capable of turning ideas into real investment opportunities. Now companies can use crowd-driven predictive analytics to generate innovative ideas and usher those ideas through to execution with predictable ROI.

“There is a renaissance underway in the Social Innovation software market,” said Paul Pluschkell, Founder and CEO of Spigit. “Social Innovation 2.0 moves beyond idea capture and into execution. With the Crowdcast team and technology, we add a critical piece of the innovation process — leveraging the crowd to determine the return on innovation.”

Social Business Intelligence is ideally suited for tasks historically requiring the manual work of an expensive business analyst or expert such as forecasting product sales or cost estimates. Spigit’s social innovation products with Crowdcast technology can:

  • Forecast and combine multiple metrics into fundable business cases that leaders can act on directly.
  • Deliver verified estimates leveraging the crowd that are as good as or better than estimates from traditional sources, such as analysts.
  • Manage innovation investment as a portfolio, reducing risk and maximizing returns.

“Business leaders seek new tools that can turn innovation insights into monetizable action. In fact, leaders seek more than just reporting and dashboards, they expect to make real decisions that support business strategy and planning. New Innovation 2.0 tools bring this potential to reality,” said R “Ray” Wang, Principal Analyst and CEO, Constellation Research, Inc.

“With the addition of Crowdcast, Spigit just upped the ante in the Social Innovation market. We expect more enterprises to look to Innovation platforms like Spigit to help to enable a quantified Innovation pipeline,” said Jim Lundy, Founder and CEO of Aragon Research.

“Crowdcast is delighted to join forces with Spigit,” said Mat Fogarty, Founder and CEO of Crowdcast. “By combining our visions around innovation and collective intelligence, we have the knowledge and technologies to power Social Innovation 2.0 and fundamentally change the way products move from idea to success.”

Spigit acquired Crowdcast for an undisclosed amount. As part of the agreement, Spigit will add all of Crowdcast’s patents to its portfolio and add Crowdcast’s leadership team including Founder/CEO Mat Fogarty and Chief Scientist Leslie Fine to Spigit’s executive team.

Spigit is the social innovation engine that drives growth for leading brands such as Overstock.com, Citi, Allstate, Nike, JP Morgan Chase, Ebay and Capgemini.

About Spigit
Spigit is a leader in Social Innovation, helping organizations unleash the creativity of employees, customers and partners to find transformative ideas that drive growth.

Leveraging crowdsourcing, game mechanics and big data analytics, Spigit’s platform is helping the world’s leading brands invent disruptive products, generate new revenue streams, build an innovation culture, reduce costs and significantly improve employee and customer engagement.

Highly respected companies in the Retail, Healthcare, Financial, Technology, Government, Insurance, Utilities and Pharmaceutical industries use Spigit.

Headquartered in San Francisco’s Bay Area, Spigit is the innovation engine that drives growth and a key player in the social enterprise market. Spigit was recognized in the 2012 Inc. 500|5000 as the 67th fastest growing private company in America, 4th fastest growing company in the software sector and #1 fastest growing company in California. For more information, visit www.Spigit.com or follow us on Twitter @Spigit.