Palo Alto-Based Socialtext Lands Investment from Bedford Funding

Palo Alto, Calif. -- Socialtext, a Palo Alto-based developer of enterprise social software, said on Tuesday it has landed a new investment from Bedford Funding. Financial terms of the deal were not disclosed. "With this and future available capital, and a currently profitable business, we are very excited by the ability to invest in the resources that will strengthen our position," said Eugene Lee who will remain CEO. Bedford is also the owner of Peoplefluent, a developer of talent-management tools, which plans to integrate Socialtext's software into its own offerings. Socialtext's software is designed to help businesses communicate, collaborate on internal projects and connect on the information necessary to be more effective in the workplace.
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