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Socialtext Gets $9.5 Million And New CEO

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When a company gets a new CEO, it can be a good thing or a bad thing, but when the new CEO was educated at Harvard and MIT, and worked at Adobe and Cisco, it’s probably a great thing.  Even better since the new CEO – Eugene Lee – is getting a fresh $9.5 million to play with at Socialtext.

SAP, Draper Fisher Jurvetson, and Omidyar participated in the Series C funding round that brought in the cash, according to Matt Marshall.  One potentially troubling detail is the fact that Intel Capital, which had previously invested money, did not show further financial interest, but $9.5 million is $9.5 million.

Also, in relation to the change in CEO, we should point out that Lee’s replacement of Ross Mayfield was planned – Mayfield himself started advertising for a new CEO more than three months ago, and he’s staying on with the company.  So all appears to be well at Socialtext, which focuses on enterprise wikis.

In the future, it looks like Socialtext will remain intent on making wikis work in the business world.  As part of this process, it’ll undoubtedly be looking for new customers, but in a blog post, Lee invited “suggestions, feedback, constructive criticism, and whacky ideas,” as well.

At the moment, I can only think of one: update the “About The Company” page so that Mayfield is no longer listed as Socialtext’s CEO.

Socialtext Gets $9.5 Million And New CEO
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  • http://www.socialtext.com Jeff Brainard

    Thanks. Just updated the ‘About Company’ page on Socialtext.com. How’s that for taking and moving on feedback?! :-)

    The formal press release doesn’t actually drop across the wire until tomorrow (11/6) on the CEO/funding news…

    Thxs for the coverage!

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