Lithium Buy Scout Labs for 25M to Expand in Social Networking Disscussion Forum Groups
By Azam on May 10, 2010 
Lithium provides companies with on demand community forums used for customer service, social networking and related functions.
The Emeryville company, which provides on-demand online forums for purposes ranging from customer service to discussion groups, and development of richer features for its Web-based forums, said Lyle Fong, Lithium’s founder and CEO.
“Today people distrust institutions, but they trust their peers,” said Fong.
Lithium has leveraged that dynamic by creating and hosting online communities in which consumers discuss products and seek support from other customers.
The company’s online software, which started with Fong’s first company, Gamers.com, incorporates points, badges, and other game like elements to reward users for increased levels of community participation.
“We are seeing a radical transformation in the ways organizations interact with customers, resulting in benefits not only to bottom-line support costs but to gains in revenue generation, product innovation and brand equity, to name a few,” stated Peter Fenton, a partner with Benchmark Capital.
Tags : Benchmark, Dicussion Forums, Lihtium, Lyle Fong, Social CRM, Social networking