K1 Agrees to Sell Clarizen, the Category Leader in Enterprise Collaborative Work Management, to Planview
LOS ANGELES, Jan. 12, 2021 /PRNewswire/ -- K1 Investment Management, LLC ("K1"), a leading investment firm focusing on high-growth enterprise software companies, today announced it has entered into a definitive agreement to sell Clarizen, the category leader in Enterprise Collaborative Work Management software. Clarizen, based in Tel Aviv, Israel and San Mateo, California, will be acquired by Planview, a leading portfolio and work management solutions platform backed by TA Associates and TPG Capital. K1 will continue to hold a minority stake in the combined company.
K1 acquired Clarizen in 2018 and partnered with management to expand the company's North American presence while driving topline growth and expanding profitability. With K1's backing, Clarizen made several targeted go-to-market and product investments that resulted in nearly doubling the company's enterprise business. In October 2020, the company was recognized as a leader in project and portfolio management software by G2 Crowd and ranked #1 in user experience and ease of implementation.
"K1 was the perfect partner for Clarizen over the last few years," said Boaz Chalamish, Executive Chairman at Clarizen. "They helped us accelerate our expansion in North America, continued to support investment in our products and helped drive substantial improvements in our team."
Clarizen's customer base includes over 900 organizations in over 120 countries including Box, Siemens, Blackrock, Western Union and Dell.
"Clarizen has become a clear category leader in enterprise work management," said Sujit Banerjee, Managing Director of K1 Operations, LLC. "We identified Clarizen as having one of the best products in the industry when we first invested, and we worked closely with Boaz and his team to execute on the vision for becoming the global solution for enterprises looking to use technology to do more with less."
The transaction is subject to regulatory approval. Clarizen was advised by William Blair as financial advisor, and Morris, Manning & Martin LLP and Meitar as legal counsel in the US and Israel, respectively.
Financial terms of the combination were not disclosed.
About K1
K1 builds category-leading enterprise software companies. As a global investment firm, K1 assists high-growth businesses to achieve successful outcomes, and invests alongside strong management teams that continue to guide their organizations on a day-to-day basis. With over 100 professionals, K1 and its operating affiliate, K1 Operations LLC, change industry landscapes by assisting with operationally-focused growth strategies designed to assist portfolio companies scale efficiently. Since inception of the firm, K1 has partnered with over 135 enterprise software companies including industry leaders such as Apttus, Buildium, Checkmarx, ChiroTouch, Clarizen, ControlUp, Emburse, FMG Suite, Granicus, Graduway, IronScales, Litera Microsystems, Onit, Rave Mobile Safety, RFPIO, Smarsh, WorkForce Software and Zapproved. For more information about K1, please visit k1capital.com or follow us at linkedin.com/company/k1im.
About Clarizen
Clarizen connects work across the enterprise, turning ideas into strategies, plans, and action. With Clarizen, organizations can work the way they want to work and have real time visibility into all their workstreams. This keeps teams focused on the things that matter, delivers results faster, and helps them exceed their company goals and customers' expectations. Thousands of global customers, such as Jones Lang LaSalle (JLL), Siemens, De Beers, Ricoh, Box and Shaw Industries, across a wide variety of industries in 124 countries rely on Clarizen to help them achieve their business goals. To learn more, visit clarizen.com.
SOURCE K1 Investment Management
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