RealTime IT News

I-many Continues Buying Spree

In its second acquisition this month, contract management software maker I-many is buying enterprise software firm Menerva Technologies for $8.5 million.

The value of the cash and stock deal could rise on future performance incentives. The transaction, which must still pass muster with Menerva stockholders, is expected to close by month's end.

"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 Portland, Maine-based I-many.

Robertson Stephens served as the financial advisor to I-many for this acquisition.

"Combining forces with I-many . . .will enable us to deliver this value proposition to customers faster than ever before," said Robert Petrossian, president and CEO of Redwood City, Calif.-based Menerva.

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.

Last month the company raised $25 million through a private placement of its stock. Proceeds have helped fund the buying spree.

Shares of IMNY closed at 5.3 on Wednesday. In the last 52 weeks, the issue has ranged from 1.86 to 19.35. The firm has a market capitalization of $196 million.