The company intends to use the funding to accelerate growth and its existing strategy, offerings and services.
Established in 2002 and led by CEO Eugene Lee, Socialtext provides a social software solution designed to help businesses unlock and release information and knowledge across teams, groups, departments, functional organizations, and business units. Built on a flexible, web-oriented architecture, it integrates with virtually any traditional system of record, such as CRM and ERP. More than 6,500 businesses worldwide have accelerated their business performance with Socialtext, including Egon Zehnder, Getty Images, Symantec, Meredith Corporation, NYU Stern, OSIsoft, and Epitaph Records.
Bedford Funding is a $1.4bn technology investment fund and owner of Peoplefluent, a Talent Management solutions provider, which plans to integrate Socialtext’s enterprise social collaboration software into its Talent Management suite.
Commenting on the funding, Charles S. Jones, Managing Partner of Bedford Funding and Chairman and CEO, Peoplefluent, said “This investment in Socialtext, and its industry leading social software, immediately advances our approaches in customer support, services, education and ongoing collaboration.
“Together, Peoplefluent and Socialtext will provide the industry’s most advanced Talent Management platform, encompassing the most innovative enterprise social networking capabilities”.