Wrike, an online project management tool, today announced the launch of a new collaborative feature – an activity stream. The new feature will help combine the project management software with the benefits of real-time chat and updates.

Wrike is a pretty typical online management software with the usual features one would expect. It integrates with the users’ email to keep the environment familiar and easily maneuverable. Key management features include being able to assign tasks, create timelines, and time tracking. Wrike also integrates with many outside tools a business might use, like RSS feeds, Outlook or Google Docs.

The collaboration feature is where the new activity stream offers several benefits. Rather than having to email updates or questions, the activity stream allows a project team to share information quickly and easily in real-time. The streams style and format is similar to traditional micro-blogging tools like Twitter, but can only be seen by a select group or team. Team members can share information about progress or ask a question. Probably the most interesting and useful feature is that when a team member finishes a task or makes an update, it is automatically shown in the activity stream (see image above).

With the new activity stream feature, Wrike adds some big name players in the enterprise micro-blogging space to its competitor list, including the popular service Yammer, which has some 70,000 businesses using its service according its website. Project management competition includes services like Basecamp, which also includes Campfire, a real-time chat tool. Both are developed by 37signals, but offered as separate services. Recently launched Producteev is another competitor that integrates through a users email. Its biggest benefit is that it can sync with any email solution, not just Outlook.

The Silicon Valley-based company was founded in 2003 and targets small and mid-sized companies.