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.