Clearwell Soars Past 100 Customer Mark and Raises $17M in Additional Funding To Fuel Growth

Leader in Intelligent E-Discovery Closes Record-Breaking Quarter and

Successfully Launches E-Discovery Partner Program

    SANTA CLARA, Calif., Aug. 20 /PRNewswire-FirstCall/ -- Clearwell
 Systems, Inc., the leader in Intelligent E-Discovery, today announced it
 has surpassed the 100 customer mark and achieved rapid acceleration in its
 business entering the second half of 2007, with year-to-date revenues
 already far exceeding the previous year. To fuel its growth, Clearwell has
 raised $17M in its third round of funding, which it will use to expand its
 sales team, launch new partnership programs, and bolster research and
 development. Additionally, Clearwell today announced its E-Discovery
 Partner Program, which includes partnerships with industry leaders such as
 AccessData, EMC, HP and Symantec.
     Rapid Customer Adoption
     Over 100 enterprises, government agencies and legal service providers
 have successfully used the Clearwell Intelligence Platforma to reduce the
 cost, duration, and complexity of e-discovery, achieving a significant
 return on investment within days of their deployments. A selection of
 Clearwell's customers include: Alexandra Investment Management, Boeing, BP,
 Cisco, Constellation Energy, DKR Capital, Del Monte, Department of Health
 and Human Services / Office of Inspector General, HealthMarkets,
 KLA-Tencor, Nassau County, NCI Building Systems, Prince George's County,
 and Transatlantic Reinsurance Company.
     Recognition As a Top E-Discovery Software Provider
     Capitalizing on the growing demand for in-house e-discovery solutions,
 Clearwell has become a recognized leader in the e-discovery market, gaining
 recognition from industry analysts and experts. The company was named a top
 e- discovery software vendor by Socha-Gelbmann, based on their research for
 the prestigious 2007 Electronic Discovery Survey.
     "The electronic discovery marketplace is increasingly competitive with
 hundreds of vendors vying for position," said George Socha and Tom
 Gelbmann, co-authors of the survey, and co-founders of the Electronic
 Discovery Reference Model (EDRM) Project. "Clearwell has risen rapidly in
 this crowded market and has emerged as a viable player."
     New Funding Fuels Growth
     Clearwell also announced the completion of its $17 million Series C
 round of financing, bringing the total amount of capital it has raised to
 $33 million. There were several investors in the round, including Duff
 Ackerman & Goodrich, Redpoint Ventures and Sequoia Capital. The company
 will use the funding to expand its sales, marketing and partnership efforts
 to accelerate customer acquisition, and extend its product leadership in
 analysis and review of electronic information.
     Partnership Program Provides End-To-End E-Discovery Solution
     Through its E-Discovery Partner Program, Clearwell provides enterprise
 customers with a comprehensive, end-to-end solution for streamlining the
 costly and time-consuming e-discovery process. Clearwell integrates with
 leading archiving and forensics vendors such as AccessData, EMC, HP and
 Symantec, to address the entire e-discovery process, from identification,
 collection and preservation to review, analysis, and production. The net
 result: corporate legal, security and forensics teams can significantly
 reduce the cost, duration and complexity of e-discovery, and gain increased
 control and visibility over their cases and investigations.
     "More and more enterprises are waking up to the fact that they must
 take a proactive approach to managing electronically stored information, or
 watch costs spiral out of control," said Aaref Hilaly, president and CEO of
 Clearwell Systems. "We're seeing an increasing number of companies adopt
 new e-discovery technologies and processes to reduce costs, increase
 control, and mitigate corporate risk. This trend, commonly referred to as
 E-Discovery 2.0, has been a huge factor in our success. Demonstrated by the
 critical milestones we've reached this quarter, the Clearwell Intelligence
 Platform is fast becoming the solution of choice for many leading
 enterprises, government agencies and service providers."
     About Clearwell Systems
     Clearwell Systems, the leader in Intelligent E-Discovery, is
 transforming the way enterprises conduct e-discovery in response to
 litigation, regulatory inquiries, and corporate investigations. By
 automating the analysis and review of electronically stored information,
 Clearwell enables enterprises to reduce the cost, duration, and complexity
 of e-discovery. Leading corporations, government agencies, and legal
 service providers have reduced e-discovery costs by as much as 80 percent
 within days of their deployments. For more information, visit
 http://www.clearwellsystems.com, or learn about E-Discovery 2.0 at
 http://clearwellsystems.blogspot.com.
 
 

SOURCE Clearwell Systems, Inc.