Today I'm pleased to share that Socialtext has gained a strategic investment by Bedford Funding ($1.4B PE firm) and will integrate with Peoplefluent. They are all gassed up and stepping on the accelerator. There is a strong strategic fit with Peoplefluent's Enterprise Human Capital Management solutions, but Socialtext will also remain an independent entity set to expand its position in Enterprise Social Software.
Nine years ago this month Socialtext was incorporated. After almost 10 years, I'm stepping down from the Board of the company I co-founded.This is a good outcome for the company, employees, customers and shareholders -- I believe for both past and future.
I won't have a hand in writing the next chapter, but look forward to reading and sharing it. In the next 10+ years there remains incredible potential for Enterprise Social Software to transform work, and no company has better DNA than Socialtext to fulfill this mission.
Beyond recent changes, there are a lot of amazing memories here and people to thank. Eugene Lee and the team have done an incredible job and will continue to do so. Now is my chance to join my co-founders in the Socialtext alumni, and like so many of them, build upon an amazing experience and do seriously great things.