One of the developers of social-networking software solutions for firms, Lithium Technologies Inc, announced the raising of USD50 million during a funding round. This is the latest business-technology provider to tap investor markets for private financing.

The fund comes from a consortium had included a mutual fund company worth about USD 1 trillion in assets. This was confirmed by Lithium CEO Rob Tarkoff but he declined to provide the name of the consortium nor the valuation of Lithium. Another venture firm and previous investor, New Enterprise Associates, also participated in the round.

For its part, Lithium is postponing the holding of an IPO as it expands its portfolio to merchants such as eBay Inc and Barclays Plc. In remaining as a private firm, the company is able to conduct restructuring of its corporate models without worrying about its quarterly earnings.

According to Tarkoff, "This is an opportunity to take some capital from very sophisticated investors and continue to build the business for the long term. I want to have this well worked out and well tuned by the time we're ready to go."