This has become the new cliché for yuppie types or any pseudo-intellectual types or just idiots that think it sounds special. It is simply just another way of saying: contact, call, speak to, notify, etc. It really sounds faggy and flags the speaker as being self conscious about how they sound to their peers. You also have to wonder who they think they're impressing when they speak like they have an Emily Post book on etiquette shoved up their ass.
Bruce: I'm going to 'reach out' to Bill today.
Tom: Hey Bruce, why do you always insist on talking like a fag?! That little homily won't hide the fact that your a douche-bag.
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