SelectMinds Announces 2007 Results and Significant Corporate Milestones

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<strong>New York &mdash; March 10</strong><br />SelectMinds Inc., a provider of corporate social networking (CSN) solutions, announced its highly successful 2007 results, marked by record sales and revenue increases, Series A financing, new product releases and Board of Directors expansion. <br /><br />In 2007, SelectMinds&#39; record sales growth was driven by enterprise engagements with new and existing clients including The Dow Chemical Co., Lehman Brothers, IBM, Lockheed Martin, O&#39;Melveny & Myers LLP, among others. Today, SelectMinds claims the largest market share in corporate social networking, with an unmatched install base of 60 clients and more than 1 million corporate network members. <br /><br />SelectMinds&#39; year-over-year growth and market demand from global organizations is reflected in analysis from industry analysts who closely follow the corporate social networking and Web 2.0 market and adoption rates. <br /><br />In his January 2008 report, "Top Enterprise Web 2.0 Predictions for 2008," Forrester Research analyst G. Oliver Young states, "The enterprise Web 2.0 market, which includes the deployment of tools like blogs, wikis and social networking within the enterprise, was a growing force in enterprise software in 2007. We expect the adoption of social networking solutions for business to accelerate dramatically in 2008 with many firms looking for internal social networking solutions." <br /><br />"Our success is proof that organizations, particularly those in knowledge intensive industries, need better ways to recruit, retain, engage and connect their employees and other constituencies to gain a competitive edge," said Anne Berkowitch, CEO of SelectMinds. "Our market leadership and year-over-year growth is reflected in what industry experts are seeing and predicting in the marketplace as corporate social networking grows and takes main stage in corporate America. We look forward to expanding our portfolio of solutions and delivering continued value and results to our clients." <br /><br /><strong>Clients Report Benefits to Corporate Alumni and Social Networking Programs </strong><br />In 2007, SelectMinds announced the results of its first annual client benchmarking study that examined the financial contributions of corporate social networking solutions to a cross section of its client base. <br /><br />The study, the first of its kind in the industry, revealed that private, secure corporate social networks can save organizations millions of dollars and increase productivity across the enterprise. Key findings of the study, "Corporate Social Networking: Increasing the Density of Workplace Connections to Power Business Performance," included: <br /><br /><ul><li><strong>Productivity contributions: </strong>Corporate social networking can increase productivity by an average of 10 percent. </li><li><strong>Retention contributions: </strong>Corporate social networking may contribute to an increase in retention by an average of 9 percent. </li><li><strong>Increases in new business: </strong>Corporate social networking can increase new business by an average of 12 percent. </li><li><strong>Rehiring former employees:</strong> On average, rehires made through their corporate social networking program become fully productive 49 percent faster than all experienced hires. Clients also reported that on average, 66 percent of rehires made through their corporate social networking program are Star Performers versus 26 percent of experienced hires. </li></ul><br /><strong>New Corporate Social Networking Solution Releases </strong><br />Two thousand seven marked a year of continued innovation and product development for SelectMinds with the release of several new corporate social networking solutions. In July, SelectMinds released WomenConnect, designed to network current and former women employees. WomenConnect centralizes women&#39;s initiatives and provides a secure, online community for women to share and solve work-life challenges. The solution also enables women employees and alumnae to learn about networking events, find mentors, discuss career advancement, learn about flexible job opportunities and understand how to return to the workforce if they have left. <br /><br />SelectMinds also launched NewHireConnect, which takes a new, relational approach to on-boarding, as compared to traditional, administrative on-boarding solutions. With SelectMinds NewHireConnect, hiring managers use corporate social networking tools to preconfigure a new hire&#39;s corporate social network of colleagues that will be integral to their immediate success. Connections may include direct supervisors, global team members, key business unit contacts and other colleagues who hold knowledge that will be important to their success. SelectMinds NewHireConnect also lets new hires create a profile, easily connect with colleagues regardless of location, find centers of knowledge and quickly get up to speed on corporate news and events. <br /><br /><strong>Series A Financing and Board of Directors Expansion </strong><br />In 2007, SelectMinds enjoyed continued financial growth and accepted its first round of financing. In August, SelectMinds announced the completion of its Series A round of financing in the amount of $5.5 million to fund the continued expansion of its business. Bessemer Venture Partners (BVP) was the sole investor in the round. <br /><br />SelectMinds also expanded its Board of Directors in 2007. In August, the company announced that Robert Goodman, managing partner, Bessemer Venture Partners (BVP), and Alex Ferrara, vice president, BVP, joined the SelectMinds Board of Directors. Both BVP executives bring more than 20 years of experience in building and advising enterprise software and technology companies through periods of extensive growth and success. SelectMinds also announced the addition of industry sales veteran John McMahon to its board. McMahon brings a strong track record in sales and sales management to the SelectMinds board, having led worldwide sales organizations for four public software companies.<br />

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