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Exhibit 99.01
Interwoven to Acquire Wireless Software Start-up Neonyoyo
Interwoven Propels its Wireless Content Initiative by Acquiring Leading Edge
Technology and Establishes Wireless Division in Austin, Texas
SUNNYVALE, Calif. - July 11, 2000 - Interwoven Inc.(Nasdaq: IWOV), Interwoven,
Inc. (Nasdaq: IWOV), the leading provider of enterprise-class content management
software, today announced a definitive agreement to acquire privately-held
Neonyoyo, a leading developer of wireless technology which delivers targeted XML
content rendered appropriately, regardless of device type. This acquisition
supports Interwoven's strategy to accelerate time to wireless Web for its blue-
chip customer base.
Under the terms of the agreement, an aggregate value of approximately $70
million in Interwoven common stock and cash will be exchanged for the assets,
liabilities and capital stock of Neonyoyo. This transaction will be accounted
for as a purchase and is expected to be completed in the third quarter of
Interwoven's fiscal year 2000. The acquisition has been approved by the board of
directors of each company and is subject to various closing conditions.
"By 2003 more people will be accessing the Web via handheld devices rather than
with PCs. Our leading eBusiness customers know the importance of wireless and
are turning to us to enable them to extend their Web properties to the wireless
Web," said Martin Brauns, president and CEO of Interwoven, Inc. "Our acquisition
of the Neonyoyo technology and team will allow us to extend our lead in content
management and XML publishing by accelerating our existing wireless Web
development efforts."
Neonyoyo's technology strengthens Interwoven's product set by both enhancing and
accelerating its wireless content management offering. Interwoven expects to
make available products incorporating Neonyoyo technology in Q4, 2000.
"We at Neonyoyo are very excited to become part of the Interwoven team and to
help contribute to the growth going forward," said Vikram Nagrani, CEO and
president, Neonyoyo. "Interwoven's aggressive plans in the wireless space and
its strong blue-chip customer list provides us the ability to accelerate the
market penetration of our next generation wireless content technologies, and
make the promise of the wireless Web a reality."
Neonyoyo was founded in 1999 by Vikram Nagrani, Arjun Khanna and Arun
Chatterjee. The 20 employees, primarily engineers, will be integrated into the
Interwoven organization as a separate wireless division, located in Austin,
Texas. Vikram Nagrani, Neonyoyo founder and CEO, will become vice president and
general manager of this newly formed division. Arjun Khanna and Arun Chatterjee
will continue to spearhead the division's technology development effort.
About Interwoven
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Interwoven, Inc. (Nasdaq: IWOV) is the leading provider of enterprise-class
content management solutions. Its flagship product, TeamSite, controls the
development, management and deployment of business-critical Web sites.
Interwoven solutions are based on an inclusive content architecture that
empowers all content contributors and leverages diverse Web assets including
XML, Java, rich html, multimedia and database content. TeamSite is available for
the Sun Solaris operating system and Microsoft NT and Windows 2000 platforms.
For more information on the company and its software solutions, visit the
Interwoven Web site at www.interwoven.com or e-mail [email protected].
