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Jive Software announces $12 million in new funding
Tuesday, October 20, 2009 by Angela Ashenden
Some great news today from online communities vendor Jive software, coupling its funding success with strong Q3 2009 revenue growth – its quarterly revenues were up 100% on the same quarter last year (following 80% year-on-year growth in Q2 2009). Jive is an interesting player that manages to bridge the gap – both in terms of its technology and its strategy – between the many start-ups in this market and the software giants, and is clearly inspiring confidence in its investors, which should also instill confidence in its customers and prospects, given the current economic conditions. This news is also positive for the collaboration software market as a whole, reinforcing the fact that collaboration is one of the key software areas that remains a priority for organisations despite tightening budgets.
As well as enabling more rapid company growth – Jive is currently in the midst of a significant hiring exercise across both its R&D and customer-facing divisions, which will be welcome following the company’s well-publicised layoffs this time a year ago – Jive CEO Dave Hersh says the investment will be used to grow its partner ecosystem and build on its marketing activities. There has been some evidence of this new strategy already: the company’s repackaging and rebranding process earlier in the year marked a move to a packaged solutions-based approach, with its Social Business Suite (SBS) now available in six different flavours, including employee engagement, public communities and government, and Jive also recently announced a strategy for integrating Jive SBS with content management solutions, starting with Microsoft SharePoint.
While clearly this is a highly competitive market, Jive is showing real potential to be a long term winner in this space, with strong, competitive technology and a scalable, packaged solutions-based model. Definitely one to watch.
See our On The Radar report on Jive.
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Posted in Collaboration
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