K1 Capital to Acquire Clarizen in Management Buy Out
Backed by Goldman Sachs and Benchmark, Clarizen develops and markets an online project management and collaborative work service
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Despite listing customers such as video games company Electronic Arts Inc., Dell EMC, Western Union and Cisco Systems, Clarizen has known its shares of ups and downs, and the current move is intended to revitalize the company. According to Linkedin data, the company has shed 17% of its workforce over the last two years.
El Segundo, California-headquartered K1 invests mainly in enterprise software companies. Clarizen is K1's second Israeli investment—in December the firm led a $6.5 funding round for automated phishing prevention startup IronScales Ltd.
Mr. Chalamish replaced Avinoam Nowogrodski, the company’s founder and longtime CEO in 2016. "I realized that to create significant company growth, the investor configuration also needed to be changed," Mr. Chalamish said. "Some of them have been with the company for 12 years."