EXHIBIT 99.2
FOR IMMEDIATE RELEASE
For I-many: For Provato:
Mark McClennan/John Moran Glenn Wira Michelle Hanson
Schwartz Communications, Inc. I-many, Inc. Walt & Company
(781) 684-0770 (732) 452-1515 (408) 496-0900 x1066
MARKM@SCHWARTZ-PR.COM GWIRA@IMANY.COM MHANSON@WALT.COM
I-MANY TO ACQUIRE PROVATO TO EXTEND LEADERSHIP IN CONTRACT AND TRADE
RELATIONSHIP MANAGEMENT
PORTLAND, MAINE -- APRIL 19, 2001 -- I-many, Inc. (NASDAQ: IMNY), the leader in
contract and trade relationshiP management solutions, today announced that it
has entered into a definitive agreement to acquire Provato, a leading provider
of contract management and compliance solutions. The acquisition of Provato
strategically expands I-many's trade relationship capabilities in additional
industries and across the spectrum of contractually-based business interactions.
Under the terms of the agreement, I-many will acquire Provato for approximately
3.1 million shares of stock, including shares which are issued subject to the
satisfaction of certain financial performance goals. Provato and its employees
will continue to operate from its Oakland, Calif., offices. Upon completion of
the transaction, Provato will become I-many's West Coast office.
"The Provato acquisition expands I-many's trade relationship management
capabilities - allowing us to offer companies the first comprehensive platform
for managing the entire lifecycle of business partner relationships," said Leigh
Powell, president and CEO of I-many. "We believe that Provato's advanced
technology for ensuring attribute level compliance across all enterprise
business transactions will accelerate our entry into new vertical markets as
well as establish a formidable competitive barrier."
SOLVING A PRESSING BUSINESS PROBLEM
"There is a pressing need to help businesses manage the incentives and
commitments that drive their negotiated relationships," said Mark Christiansen,
CEO and co-founder of Provato. "The Provato solution has helped companies in a
variety of industries ensure that every transaction complies with the terms,
conditions, policies, and regulations that govern their relationships with
customers and vendors. By combining this functionality with I-many's solution,
we have emerged as the only provider capable of managing all aspects of
negotiated business trade relationships, including planning, negotiation,
execution and performance management."
I-many's trade relationship management solution helps companies effectively and
efficiently make, manage and maximize the value of business relationships as
reflected in a contract or trade agreement. A recent study by
PricewaterhouseCoopers and Provato found that contract management expenditures
can be as much as 12 percent of a company's total annual costs.
The integration of Provato's platform will broaden I-many's solution to include
automated contract compliance - giving I-many's customers the power to recapture
lost revenues by finding or fixing non-compliant business transactions that
include orders, shipments, invoices and payment. The combined solution will
streamline contract-related processes including trade funds management,
deductions management, reconciliation audits and performance analytics.
SOLID LEADERSHIP WITHIN A GROWING MARKET
A recent Goldman Sachs report named I-many as the leading provider of solutions
in the rapidly-emerging contract management software market. I-many is
identified in the report as the only "pure play" software company in a market
expected to grow to over $3 billion in software sales within five years.
According to the report, companies using contract management software can reduce
annual contract management expenses by 20-50 percent.
ACQUISITION DETAILS
I-many executives will review the details of this acquisition during their
previously announced earnings conference call scheduled for Thursday, April 19
at 5:00 PM ET.
ABOUT PROVATO
Provato, the eAgreements Company(TM), is the leading provider of lifecycle-based
contract management and compliancE solutions. Provato improves the value of
negotiated relationships between businesses by moving the entire business
agreement lifecycle online. Provato enables Fortune 1000 companies in
contract-intensive industries to gain a higher level of control and insight into
their trading partnerships. With Provato, companies can quickly achieve a
reduction of total expenses by recapturing missed revenues, reducing operational
costs, and adding visibility into contract performance. Provato integrates with
leading enterprise solutions such as BroadVision, i2, Oracle, SAP, and Siebel.
Founded in 1998, Provato is a privately-held company based in Oakland, Calif.
For more information, visit WWW.PROVATO.COM.
ABOUT I-MANY
I-many (NASDAQ: IMNY) is the leader in providing software and Internet-based
contract management solutions and related professional services which enable
businesses to manage complex trade relationships and facilitate
business-to-business e-commerce. The company's software is used by 8 of the
largest 10 healthcare manufacturers in the world and leading consumer goods
companies. The company estimates that its solutions help manage more than $45
billion in contracted commerce per year. For more information, visit the company
Web site at http://www.imany.com.
THIS PRESS RELEASE MAY CONTAIN FORWARD-LOOKING STATEMENTS RELATING TO THE FUTURE
PERFORMANCE OF I-MANY, INC. FORWARD-LOOKING STATEMENTS, SPECIFICALLY THOSE
CONCERNING FUTURE PERFORMANCE, ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES,
AND ACTUAL RESULTS MAY DIFFER MATERIALLY FROM EXPECTATIONS. THESE RISKS AND
UNCERTAINTIES INCLUDE THE UNCERTAINTY ASSOCIATED WITH THE ADOPTION BY SMALL AND
MEDIUM-SIZED MANUFACTURERS OF I-MANY'S ASP SERVICE MODEL, THE ADOPTION BY
COMPANIES OUTSIDE THE HEALTHCARE FIELD OF I-MANY'S SOLUTIONS GENERALLY, AND
COMPETITION FOR MARKET SHARE AMONG THE COMPANIES PROVIDING TECHNOLOGIES AND
SERVICES SIMILAR TO THOSE PROVIDED BY THE COMPANY.
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