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Market: AIM
Sector: Software
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SocialGO plc is a developer and provider of software as a service which allows groups to build their own online social networks, SocialGO™.  SocialGO's software allows customers to quickly and easily create, manage and control their own private social network and provides the members of these networks with the ability to communicate and share with like minded people in a controlled and secure environment.  SocialGO derives its revenues from subscription premiums paid by network owners and from selling value added services which allows network owners to maximise the social networking experience and the revenues that can derive from creating and managing a social network.  SocialGO is part of the burgeoning Silicon Roundabout in London, UK.

SocialGO launches Version 2 of its social media platform

1st Aug 2011, 6:59 am by Jon Mainwaring

Do-it-yourself social networking firm SocialGO (LON:SGO) has launched ‘Version 2’ of its social media platform to a select number of its customers.

The firm said the release of Version 2 marks a shift in the focus of its platform away from a pure social networking offering to one that will allow its customers to build “self-standing” social websites that can, should the customer require it, be developed into fully-fledged social networks over time.

SocialGO which plans to release interim results to investors by the end of September, also reported that average monthly financial results for the six months to 30 June were in line with monthly results for the previous nine-month period (during the nine months to 31 December 2010 SocialGO generated revenue of £574,000 and a loss of £1.1 million).

This, the firm said, was a result of its clear focus on the development of Version 2 and a reduction in resources committed to the development and marketing of Version 1. 

At the core of SocialGO’s new platform is a website builder that, the firm said, provides customers with the ability to quickly and easily develop their own personalised web presence.

The added capability of a full suite of social networking tools and features within Version 2 “significantly leverages this web presence and as a result the customer's reach across the Internet”.

The firm added that the platform is now available in an open trial while the feature set is expanded and the service ramps up towards a full launch.

Version 1 of the platform will continue to run in parallel as Version 2 prepares to take over on, with the switchover taking place with Version 2’s formal release later on.

“With Version 2 of the SocialGO platform now in the final stages of development the company is well placed to take advantage of the burgeoning interest within the business community for social media tools that can be used to leverage their Internet presence,” said SocialGO’s chief executive officer, Alex Halliday.

“We are very pleased to have reached this milestone in the company's business cycle and would like to thank our shareholders for the ongoing support that they have shown.”

SocialGO added that it had been successful in recent claims it has made with the HMRC for research and development relief and that it is now entitled to a total combined claim of approximately £234,000 for its 2008/2009 and 2009/2010 tax years.

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