PORTLAND, MaineApril 15, 2002 I-many, Inc., a provider of contract and trade relationship management solutions, has completed its acquisition of Menerva Technologies, Inc., a Redwood City, California-based enterprise software company, for a total of $8.5 million in cash and I-many stock, plus additional consideration based on future performance.
The acquisition of Menerva will further expand I-many's contract management offering with buy-side contract solutions.
Combined with our comprehensive sell-side contract solutions, Menerva's buy-side contract solutions will give us a closed loop' offering that will deliver value throughout the enterprise for our current and future customers, said Leigh Powell, CEO of I-many. We are continuing to execute on our strategy of enhancing our position as the leading enterprise contract management software company across all industries.
Our buy and sell-side contract solutions are a natural fit and will provide us with an unequaled ability to maximize revenues and minimize costs throughout the contract management lifecycle, said Robert Petrossian, president and CEO of Menerva. Combining forces with I-many, the leader in contract management solutions, will enable us to deliver this value proposition to customers faster than ever before.