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Spoke Software – Profile

July 16, 2004

HQ: Palo Alto, CA
Founded: Early 2002
Management: Company believes that it will get a hand-up from consulting firms, many of which are looking to make money on failing CRM projects. CEO and co-founder, Ben Smith, is a consulting jock – most recently with EDS.
Investors: In November 2003, Spoke raised $11.7M in Series C funding, in a round led by DCM – Doll Capital Management with participation from existing investors. Previously, Spoke did a $9.2M A round from US Venture Partners, Sierra Ventures and Partech International.
Business Model: Primary value prop is accelerating the sales process. Additionally, people are using its software for job searches and hiring, contact updates, business development, and general networking. Company now integrates its social networking functionality within CRM software. For the pilot phase, licenses cost $75,000. The company also earns a half-percent of related revenue, adding much more to the possible upside.
Competition: Visible Path.
Dirt: Because they are integrated within the enterprise, Spoke and Visible Path will cause scandalous privacy invasions at some point. To preempt bad spin, Spoke has created a Chief Privacy Officer position. Could be acquisition targets for Microsoft and the CRM vendors.


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