Elgg is an award-winning open source social networking engine that provides a robust framework on which to build all kinds of social environments, from a campus wide social network for your university, school or college or an internal collaborative platform for your organization through to a brand-building communications tool for your company and its clients. If you are looking to create your own social application, want to build and run a site for your organization, or introduce a social layer into your technology stack, Elgg is a great choice.

Elgg highlighted features :
Powerful Data Model: Elgg provides a powerful data model making the creation of different entities simple, yet flexible.
Activity Streams: The granular activity stream API ensures your plugins can push the required content to your users.
Plugin API: Use Elgg’s powerful plugin API to build and add your required features.
User Management: Elgg handles your user management and relationship requirements.
Access controls: All objects in Elgg can have an access control level applied making granular access permissions possible.
Web Services API: Expose functionality through the REST API by building a plugin and then either publish the API for other developers to build clients or provide your own.

Tons of plugins available in gallery to extend Elgg functionalities. Elgg run on a LAMP stack and require MySQL 5+, PHP5.2+ installed as Apache module. Released under the GPLv2.