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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

SANTA CLARA, Calif.—August 20, 2007—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 EMC, HP and Symantec.

Rapid Customer Adoption
Over 100 enterprises, government agencies and legal service providers have successfully used the Clearwell Intelligence Platform® 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 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 www.clearwellsystems.com, or learn about E-Discovery 2.0 at clearwellsystems.blogspot.com.