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Online Work & Project Management Startup Has Record-Breaking Year

SAN MATEO, CA – December 14, 2009 – Clarizen, the leading provider of online work and project management software, today announced the completion of an $8 million Series C financing round led by DAG VenturesBenchmark Capital and Carmel Ventures. The additional investment will be used to boost Clarizen’s reach and strengthen its leadership position in the online work and project management markets.

Clarizen, founded in 2005, pioneered a solution that goes beyond project management and allows businesses real time visibility into their business processes. Since Clarizen first introduced its product it has experienced huge market demand for its solution, which is currently used by over 500 customers that rely on Clarizen to execute their operations more efficiently.

In 2009, Clarizen sales grew in excess of 400 percent year-over-year. Despite a challenging global economy, Clarizen maintained its consistent growth, recruiting more than 100 new customers in Q3 alone. The additional funding will be used to meet the increasing demand for its online work management product by expanding its marketing and sales operations while investing in continued product innovation.

“The significant and immediate value that customers achieve from Clarizen’s unique work management solution is demonstrated by its impressive growth through this difficult economic environment,” said Nick Pianim, Managing Director, DAG Ventures.

“Clarizen has an amazing impact on the way companies run their operations,” said Avinoam Nowogrodski, co-founder and CEO of Clarizen. “With Clarizen, global enterprises realize that they can stay on top of their business in real time. We deliver a delightfully easy-to-use solution that employees recognize as a valuable tool to make them more effective and efficient. By tracking business processes, our clients gain invaluable insights into the inner workings of their operations. They can then leverage this information to create processes that facilitate continued learning and improvements that impact their bottom line.”

“Using Clarizen has given our global company the ability to be more efficient, deliver on time, at a lower cost while maintaining very high client satisfaction,”said Paul Mayer, CIO from Anritsu. “Simply put, Clarizen helps us get our work done.”