iRise: Economy Driving Growth

El Segundo-based iRise is among a number of Southern California companies which are reporting that the bad economy is actually driving growth at the firm. iRise said this morning that its software revenue for Q4 2008, just surpassed the "entire fiscal year 2007 total" at the company. iRise's CEO and co-founder, Emmet B. Keeffe III, said today in a statement that the current economic climate is "actually fueling our dramatic growth." The firm explained that organizations are using the firm's products as part of their effrots to cut IT costs. Actual financial results were not released by the private held firm, which is backed by Morgan Stanley Venture Partners, Deutsche Bank, and other venture investors. iRise develops software used to visualize and model IT software applications.