Wazoku completed the acquisition of InnoCentive from Spencer Trask Ventures and Lilly Ventures Management.

Wazoku, an idea management software and services firm, completed the acquisition of InnoCentive, an application software products provider, from Spencer Trask Ventures and Lilly Ventures Management, two venture capital firms. Financial terms were not disclosed. "Adding such a remarkable and proven external crowd to our existing platform means that no other organisation in the world has our reach and experience when it comes to open innovation, crowdsourcing and idea management. This is a significant step for Wazoku – further funding and a strategic acquisition means we are better positioned than ever and have a strong and established US presence. Workplaces are becoming inherently open and collaborative, and we can offer the tools, services and collective expertise to help global businesses of all sizes solve problems and create opportunities," Simon Hill, Wazoku CEO.