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PLEASANTON, CA -- (Marketwire) -- 08/21/12 -- Spigit the global leader in Social Innovation Software, today announced that it was ranked 67th out of the country's 5,000 fastest growing private companies in the annual Inc. 500|5000 awards.

For more than 30 years, Inc. has celebrated the fastest-growing private companies in America. Spigit shares this distinction with past honorees including Facebook, Microsoft, Intuit, Zappos, CDW and others.

"Spigit has created a new paradigm for business collaboration, with tools that empower employees to make innovation a predictable business process," said Paul Pluschkell, CEO and Founder, Spigit. "We are honored to join this impressive list of growth companies and attribute Spigit's success to our game changing technology and the universal appeal for our products. The process of empowering the crowd to solve strategic objectives is central to building, growing and nurturing an innovation culture within organizations."

Founded in 2007, in the last three years, Spigit has grown bookings 133 percent year-over-year, revenue 3,780 percent and raised $41.2 million in funding. Since the launch of its freemium product ICON, in May 2012, the Company has seen explosive adoption to over 1200 customers, including many of the world's leading brands. Millions of employees use Spigit's cloud-based software daily to invent disruptive products, generate new revenue streams, reduce costs and significantly improve employee and customer engagement.

Spigit is the innovation engine that drives growth for leading brands such as Overstock.com, Citi, Allstate, Estee Lauder, AAA, Farmers Insurance and Capgemini. The company combines crowdsourcing, game mechanics and big data analytics to help companies tap the collective intelligence of their employess, customers and partners. Spigit also offers built-in integrations with Sharepoint, Yammer, Jive and Facebook.

Today's recognition by Inc. Magazine is the latest in a series of recent independent testimonies to the company's success:

• Lead411's 2012 Hottest Companies in San Francisco
• JMP Securities' "Hot 100" Privately Held Software Companies List
• The Best in Biz Awards
• Aragon Hot Vendor in Social Media and Ideation
• Best New Product of the Year at 2012 Stevie International Business Award

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.

The world's leading brands including major Retail, Healthcare, Financial, Technology, Government, Insurance, Utilities and Pharmaceutical companies 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. For more information, visit www.Spigit.com or follow us on Twitter @Spigit.