SAP Invests in Socialtext; Investment Comes at Time of Significant Growth for Enterprise Wiki Market
PALO ALTO, Calif. --(Business Wire)-- Sept. 30, 2005 -- Socialtext, the first wiki company and market leader in enterprise wiki solutions, today announced that it has closed B-round funding with an investment of $850K from SAP Ventures. SAP Ventures -- the venture-funding arm of SAP, the world's largest enterprise software company -- joins Draper Fisher Jurvetson, the Omidyar Network, and the University Venture Fund to cap the round at $4 million.
This latest round of investment comes at a time when wikis are experiencing rapid adoption in the enterprise. More than 200 businesses around the globe -- including Nokia, Symantec, JM Family and Dresdner Kleinwort Wasserstein -- are using Socialtext to meet numerous business challenges with simple group collaboration.
"This is a fantastic validation of wiki category of enterprise software, something practically unthinkable three years ago," said Socialtext CEO and Co-founder Ross Mayfield. "The experience of SAP Ventures will undoubtedly contribute to our ongoing market leadership."
Socialtext, the first enterprise wiki company, is the leading provider of "simple group productivity solutions." More than 200 organizations -- including Global 1000 enterprises such as Nokia, Symantec, Dresdner Kleinwort Wasserstein, and Kodak -- use Socialtext to accelerate project cycles and help groups communicate more effectively while fostering trust, transparency and group memory. Socialtext is a winner of Business Week's 2005 "Best of the Web," and is widely recognized for pioneering the development and use of open source technology and best practices in the enterprise. Headquartered in Palo Alto, California, investors include Draper Fisher Jurvetson, SAP Ventures, and the Omidyar Network. For more information, go to http://www.socialtext.com.
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