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EXHIBIT 99.1
IMANAGE ACQUIRES THOUGHTSTAR, INC.
Expands Market by Offering Customers Multiple Options For
Collaborative Information Management
SAN MATEO, CALIF., -- APRIL 13, 2000 iManage Inc. [NASDAQ: IMAN], a leading
provider of e-business content and collaboration management software and
services, today announced it has acquired ThoughtStar, Inc., a privately-held
collaboration software company based in Salt Lake City, Utah, for $18.5 million
in common stock and cash.
The acquisition represents the first step in iManage's strategy to expand the
company's market by increasing options for customers deploying collaborative
information networks with their employees and business partners.
Providing customers with choice and flexibility is a cornerstone of iManage's
growth strategy. ThoughtStar's technology is an open-architecture, real-time,
collaborative web-based technology, which is complementary to iManage's
information collaboration technology. It is fully scalable and runs on any Java
compatible operating system. The integration of ThoughtStar's technology with
iManage's infoCommerce product suite is intended to provide customers with a
more robust set of products and services.
"With the acquisition of ThoughtStar's technology, iManage is able to accelerate
its business plan to introduce additional functionality and platform
independence to our content and collaborative product suite faster than
originally planned," said Max Panjwani, iManage president and chief executive
officer. "This is the first step in a series of initiatives designed to add
value to our shareholders by providing fully comprehensive content and
collaboration software and services to our customers. As we execute against our
long-term vision and build off this base, we believe viral marketing
opportunities will become even more effective in developing our market
presence."
TERMS
iManage will pay $4.5 million in cash and approximately $14 million in common
stock based on the average closing prices of iManage Common Stock prior to the
closing of this transaction, subject to a minimum of 444,242 shares and a
maximum of 1,096,923 shares. iManage also will assume the unvested options
granted by ThoughtStar and issue additional stock options to certain ThoughtStar
employees. The closing of this transaction is contingent upon a number of
conditions and will be recorded using the purchase method of accounting. The
acquisition is expected to close in the second quarter of 2000.
THE IMANAGE INFOCOMMERCE PRODUCT SUITE
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The iManage infoCommerce Product Suite is comprised of powerful, leading-edge
business-to-business and intra-business information and collaboration management
solutions. The infoCommerce Product Suite is designed for enterprise-wide use in
organizations seeking to deploy network-based and internet-based information
management solutions. iManage's software solutions are built on a flexible,
three-tiered architecture that provides users with innovative, Web browser-based
interfaces along industry accredited scalable servers. The iManage infoCommerce
Product Suite includes the infoCommerce Server, infoLink, infoLook, and infoRite
application modules.
ABOUT IMANAGE, INC.
iManage, Inc. [NASDAQ: IMAN], is a leading provider of information and
collaboration management software for enterprises engaged in information
commerce as part of their e-business strategy. The company's products provide a
centralized web-based unified content platform for information and collaboration
management, both for internal use and for use across the extended enterprise.
The software offers a scalable, reliable and highly secure server network that
ensures timely delivery of relevant information to appropriate parties and
integrates with both the Internet and existing email systems. iManage sells its
software products through its direct sales force and through a network of
strategic partners and systems integrators.
Headquartered in San Mateo, California, the Company first introduced the iManage
suite of solutions in 1996. For detailed sales and product information please
contact [email protected] or visit our web site at www.imanage.com.
ABOUT THOUGHTSTAR
Founded in 1997, ThoughtStar is a software development company that provides an
online interactive workspace where people can go to communicate about,
collaborate on and contribute to ongoing projects. The company's technology is
multi-functional, including project planning and management, task and decision
management, team calendaring, online voting and real-time chat in a customized,
private, secure and user-friendly environment. ThoughtStar is based in Salt Lake
City, Utah.
Contact Information:
INVESTOR RELATIONS
Mark Culhane
iManage, Inc.
650-356-1166
[email protected]
MEDIA CONTACT
Carolina Noguera
Text 100 (for iManage, Inc.)
415-836-5990
[email protected]
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