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EXHIBIT 99.1
I-MANY AGREES TO ACQUIRE CHICOR INFORMATION MANAGEMENT, INDUSTRY LEADER IN
COLLABORATIVE INTERNET-BASED TRADE PROMOTION AND DEDUCTIONS MANAGEMENT
UPDATED: MONDAY, NOVEMBER 6, 2000 09:25 AM ET
PORTLAND, Maine--(BUSINESS WIRE)--Nov. 6, 2000--
Acquisition to strengthen I-many's leadership in powering relationship-based B2B
commerce and accelerate growth across vertical markets
I-many, Inc. (Nasdaq:IMNY, news, msgs) announced today it has entered into an
agreement to acquire Chi-Cor Information Management, Inc., the developer of
Trade Funds Management System(TM), Deductions Management System(TM) and
SettleLink.net(SM), the first Internet-based exchange for collaborative trade
funds and deductions management. I-many believes the acquisition will rapidly
expand its presence in the consumer product goods (CPG) market, fortify its
position in the healthcare industry, and fuel its penetration into additional
vertical markets.
As leaders in powering relationship-based B2B commerce, I-many and ChiCor have
focused on the unique business processes that drive business-to-business buying
activity. ChiCor's suite of products and client base will expand I-many's
product "footprint" and market potential. Trade Funds Management System (TFMS)
provides a complete set of tools for the management of trade promotions in the
retail industry - an excellent complement to I-many's solutions for contract and
trade agreement management, which typically focus on negotiated prices and
longer-term performance incentives.
ChiCor's Deductions Management System (DMS) is critical to the maintenance of
strong trading partner relationships. DMS brings clarity and control to the
invoice-to-cash process, enabling supply chain partners across industry and
geographical boundaries, including I-many customers in the healthcare and
consumer products goods markets, to solidify their relationships through
efficient and proactive management of all aspects of their contract and trade
agreement driven processes. It's estimated that 10 percent of all B2B invoices
contain a deduction of some type (e.g., wrong price, wrong quantity, wrong
product, damaged goods, promotional discount) with deductions dollars totaling
billions annually.
SettleLink.net, ChiCor's newest offering, revolutionizes the B2B settlement
process through use of the Internet to bring communication and collaboration to
invoice-to-cash transactions, facilitating a process that's highly dependent on
trading partners reaching mutually satisfactory agreements.
"ChiCor has approximately 70 customers in more than a half dozen vertical
markets, including consumer packaged goods, chemicals, electronics, building
products, pharmaceutical and apparel markets, and its clients include companies
like Alcon Laboratories, H.J. Heinz, Hershey, Lipton, Cole Haan, U.S. Gypsum,
Estee Lauder, and Eastman Chemical. We believe the integration of ChiCor's
applications with I-many's will fuel I-many's expansion across vertical markets
and bring tremendous value to our customers and prospects," said Tim Curran,
executive vice president of corporate development at I-many.
"As business-to-business processes increasingly move to the Internet, the need
to effectively manage all aspects of supply chain relationships takes on an
added importance," says A. Leigh Powell, president and chief executive officer
at I-many. "The acquisition of ChiCor is a perfect blend of companies with
complementary products, services and corporate values that accelerates our
penetration in key markets, greatly expands our footprint and strengthens our
vision of dominating trade relationship management across all B2B markets."
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SettleLink.net: A ChiCor innovation
Earlier this year, ChiCor launched SettleLink.net, the first online portal
bringing manufacturers, distributors, brokers and retailers together for
collaborative deductions management and invoice-to-cash processes.
SettleLink.net assists parties in their efforts to capture, investigate, track
and clear their outstanding deductions. In addition to fueling the
SettleLink.net launch in the retail CPG market, I-many plans to build similar
deductions management communities in the healthcare market, the
foodservicemarket, and other industries.
SettleLink.net users need only a browser and a password to access their files
and agreements, no faxes flying back and forth, no confusion over the details of
the deal, and no extraneous personnel involved. ChiCor's current customers
anticipate that this automated approach to dispute resolution will reduce
turnaround time.
In remarks about SettleLink.net, AMR Research's David Boulanger said, "There is
no single vendor that can provide end-to-end promotions planning through the
deductions settlement process in this manner. The portal enables manufacturers,
retailers, sales agents, and outsource firms to share information about invoice
disputes, past-due claims, deductions, trade settlement claims and other
exceptions. ChiCor has taken its high-end deductions management, promotions and
trade funds software to the next level with the creation of SettleLink."
I-many has agreed to pay $9.9 million in cash and I-many stock, plus a
performance-based earn-out targeted at $4.6 million in cash and stock. For the
fiscal year ended June 30, 2000, ChiCor had revenues of approximately $3.5
million. This acquisition is expected to be accretive to I-many. The transaction
is subject to customary closing conditions and is expected to close within two
weeks.
About I-many
I-many provides software, Internet-based solutions and professional services
that allow its customers to manage complex contract purchasing arrangements and
facilitate business-to-business e-commerce. For more information visit the
company Web site at www.imany.com.
About ChiCor
ChiCor manages trade relationships from inception to promotion to deductions,
and is the developer of SettleLink.net(SM), the first online trade relationship
management portal, bringing manufacturers, distributors and retailers together
for mutually satisfactory deductions management. For more information visit the
company Web site at www.ChiCor.com.
This press release may contain forward-looking statements relating to the future
performance of I- many, Inc. Forward-looking statements, specifically those
concerning future performance, are subject to certain risks and uncertainties,
and actual results may differ materially from expectations. These risks and
uncertainties include the uncertainty associated with the ability of I-many to
integrate ChiCor into its operations and to realize the intended benefits from
the acquisition, the adoption by companies outside the healthcare field of
I-many's solution, the acceptance by participants in the industries targeted by
the Company of business-to-business Internet exchanges for the management of
complex contracts, and competition for market share among the companies
providing technologies and services similar to those provided by the Company.
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CONTACT: Beaupre & Co. Public Relations, Inc.
Darby Johnson
(603) 559-5809
[email protected]
or
I-many, Inc.
Glenn Wira
(732) 452-1515
[email protected]
