Advised Spigit, the leader in Saas Enterprise Innovation Management, on its merger with Mindjet
Sep 2013
merged with
  • Sector: Application Software
  • Deal Type: Strategic Deals; Private Equity Deals
  • Engagement type: Sellside
  • Size: <$200m

Arma Partners is pleased to announce that it acted as exclusive financial adviser to Spigit, Inc. (“Spigit” or the “Company”) on its merger with Mindjet Corporation (“Mindjet”) to create the first business platform that manages innovation from idea creation to opportunity selection to project completion.

Spigit is the global leader in Enterprise Innovation Management, helping organizations unleash the creativity of employees, customers and partners to find transformative ideas that drive growth. In 2012, Inc. Magazine listed Spigit as the #1 fastest growing private software Company in California.

Mindjet is the leader in project-based collaboration software and is used by 83% of Fortune 100 companies for brainstorming on virtual whiteboards, plan creation and co-editing, file sharing and real-time project management. With over two million users, Mindjet was the most awarded collaboration company, winning eight high-profile awards.

The combination of Mindjet and Spigit will create the first enterprise platform that drives business results through repeatable business innovation. Its solution will help customers not only to develop a pipeline of transformative ideas but also to commercialize them and take them to market.

This transaction again demonstrates Arma Partners’ deep expertise in advising growth companies in the software sector, leveraging Arma’s highly successful SaaS track-record and expert industry knowledge.

–  Founded in 2007 and based in Pleasanton, California, Spigit is a leading provider of ideation and crowd innovation solutions

–  Offers 2 principal solutions:

  • SpigitEngage – facilitates ideation and directs participation to solving the needs of the organization through crowd-sourcing and game mechanics
  • SpigitFusion – a back-end evaluation system that automates the management and evaluation of ideas generated by SpigitEngage

–  Founded in 1994 and headquartered in San Francisco, California, Mindjet is a leading provider of cloud collaboration services

–  Offers 3 principal solutions:

  • MindManager – Tool for gathering, organizing, and visually prioritizing ideas from business plans to travel plans
  • ProjectDirector – Provides project collaboration utility to help teams brainstorm, plan, and execute projects
  • Enterprise – A cloud-based and on-premise Project Management suite

–  The combined company is well positioned as a sizeable pre-IPO SaaS company and category killer in the Enterprise Innovation and Collaboration categories

– The merger brings Enterprise Innovation Management and market leading collaboration under one roof, providing a full range of solutions from ideation through implementation

– Analyst and customer validations are very positive, seeing relevance in the joint value proposition (hitting different parts of the innovation process)

–  Post completion, NewCo will have complimentary product mix, go-to markets, geographic mix, as well as approach to sales

–  In a competitive collaboration market, PICO approached Arma to create the best outcome for the Company and management

– Arma focused inquiries on a small handful of relevant players to create a highly targeted and discreet sale process

–  Arma, together with the management team, was able to drive this successful process to completion within a compact timeframe (74 days from engagement to signing)