Your document class defines the command \@maketitle
with an extra vertical skip. Use the following definition to reduce the space:
\def\@maketitle{\newpage
\null
\setbox\@acmtitlebox\vbox{%
\baselineskip 20pt
\vskip 2em % Vertical space above title.
\begin{center}
{\ttlfnt \@title\par} % Title set in 18pt Helvetica (Arial) bold size.
\vskip 1.5em % Vertical space after title.
%This should be the subtitle.
{\subttlfnt \the\subtitletext\par}\vskip 1.25em%\fi
{\baselineskip 16pt\aufnt % each author set in \12 pt Arial, in a
\lineskip .5em % tabular environment
\begin{tabular}[t]{c}\@author
\end{tabular}\par}
\vskip 1.5em % Vertical space after author.
\end{center}}
\dimen0=\ht\@acmtitlebox
% \advance\dimen0 by -12.75pc\relax % comment by Marco Daniel
\unvbox\@acmtitlebox
\ifdim\dimen0<0.0pt\relax\vskip-\dimen0\fi}
Without the modification:

With the modification:

Here the complete MWE:
\documentclass{sig-alternate}
\usepackage{kantlipsum}
\makeatletter
\def\@maketitle{\newpage
\null
\setbox\@acmtitlebox\vbox{%
\baselineskip 20pt
\vskip 2em % Vertical space above title.
\begin{center}
{\ttlfnt \@title\par} % Title set in 18pt Helvetica (Arial) bold size.
\vskip 1.5em % Vertical space after title.
%This should be the subtitle.
{\subttlfnt \the\subtitletext\par}\vskip 1.25em%\fi
{\baselineskip 16pt\aufnt % each author set in \12 pt Arial, in a
\lineskip .5em % tabular environment
\begin{tabular}[t]{c}\@author
\end{tabular}\par}
\vskip 1.5em % Vertical space after author.
\end{center}}
\dimen0=\ht\@acmtitlebox
% \advance\dimen0 by -12.75pc\relax % comment by Marco Daniel
\unvbox\@acmtitlebox
\ifdim\dimen0<0.0pt\relax\vskip-\dimen0\fi}
\makeatother
\begin{document}
\title{shrink space}
\author{XXX}
\maketitle
\kant
\end{document}
sig-alternate.cls
.