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I-many Grosses $25M

I-many , a Portland, Maine, contract management software maker, has grossed $25 million in a private sale of common and preferred stock.

The buy, made by unnamed institutional investors, was arranged by Granite Financial Group. Proceeds will be used for working capital and other general corporate purposes, which may include acquisitions of new technologies, products or businesses.

"The financing strengthens our balance sheet and broadens our options as we enter our next phase of growth, while limiting dilution of our common stock," said A. Leigh Powell, president and CEO.

The deal's structure also allows I-many to accept additional investment from the parties over the next six months, a determination that will make based on market conditions at the time.

I-many sells Internet-based contract management software and services to help businesses to manage complex trade relationships and facilitate business-to-business e-commerce. The company's software is used by eight of the 10 largest health care manufacturers as well as several consumer goods companies.

Shares of IMNY opened down 0.17, or 2 percent, to 7.15. In the last 52 weeks, the issue has ranged from 1.86 to 22.25.