Interwoven and iManage to merge
Interwoven and iManage have agreed to merge in a stock and cash transaction valued at $171 million. Terms of the deal call for iManage shareholders to receive $1.20 per share in cash and 2.0943 shares of Interwoven stock for each share of iManage stock that they hold.
The new company will be called Interwoven, and corporate headquarters will be consolidated at Interwoven's Sunnyvale, Calif., facility, says iManage VP of marketing and business strategy Dan Carmel. He adds that the details of support for iManage products will be decided after the deal closes, which is expected in 30 to 90 days. He speculates, though that "[iManage] WorkSite will become part of the Interwoven product line," a view echoed by John Bara, senior VP of marketing for Interwoven.
Says Bara, "Executive staff for both companies will merge, and, although there will be some staff reduction because of job redundancy, we don't expect it to be very significant."
The new Interwoven platform will integrate iManage's proven document management and collaboration technologies and focus on managing the complete content life cycle—from content collaboration and creation, through management, distribution, reuse, archival and disposition.
Interwoven says with its recent launch of the Interwoven 6 Platform, it brings usability for fast adoption by all business users; proven, deployed business solutions for key initiatives; and digital asset management (though its acquisition of MediaBin), intelligence, distribution and integration product lines. Interwoven also offers a complete services-oriented architecture for J2EE and .Net. iManage's integrated document management and collaboration are built on 100% Java and J2EE-compliant architecture, and include enterprise-class document security, retention, and compliance capabilities.