I have some exciting news to share about Jive, and I also want to give a review of the past quarter to give a measure of our progress.
We just closed our Series B funding round with our VC partner, Sequoia Capital who invested an additional $12 million into Jive. We just issued a press release, and I want to give some additional context on how we will use the funding. There's a very simple four part answer:
- It's about innovation. We are going to continue to expand the Jive SBS product footprint by dramatically increasing our R&D efforts. We're doing a lot more hiring! In just the last month, we have added 11 new Jivers with 10 more starting in the next two weeks. If you're interested, take a look at our open jobs. We're also going to be pursuing smart acquisitions that complement our portfolio.
- It's about customers. We will build out our customer-facing teams to further support the success of our clients and to grow the company.
- It's about partners. We have seen some great success with channel partners and we will be building out that ecosystem to get Jive onto the desktops and mobile devices of more customers. And we'll continue to improve the "partner-friendly" aspects of our application to allow for deep yet hassle-free customization and integration.
- It's about championing SBS. Jive has built a great community around SBS in the last few years, and we want to continue to spread that gospel. I'm happy when I see new customers say, “I never knew I could do that!” But I'm even happier when I hear them say, "This has changed how I work, and I want more."
Looking at Q3, we had another great quarter and again achieved a record for quarterly revenue, with more than 100% growth compared to Q3 of 2008. We added a number of new customers and a number of existing customers expanded their deployments. Our services team continued their outstanding track record of delivering customer success. And we had some great news in the government sector.
But that only tells half the story. Suffice it to say that Jive is in the midst of the greatest period of product innovation in the company's history. We have recently and will soon deliver new products that will push the envelope on what people think Social Business Software can do.
More to come very soon.