Interwoven Announces Close of Discovery Mining Acquisition
SAN JOSE, Calif., - August 4, 2008 - Interwoven, Inc. (NASDAQ: IWOV), a global leader in content management solutions, today announced that it has closed the acquisition of Discovery Mining, Inc., a leading provider of software and services for eDiscovery to professional services firms and corporations.
The acquisition of Discovery Mining extends Interwoven's offering - the legal industry's de facto standard for organizing, finding, and governing matter content - by adding a service for managing eDiscovery. Discovery Mining significantly streamlines and simplifies the discovery phase of litigation and investigations with a software-as-a-service solution for processing, reviewing and producing massive volumes of electronic data.
Discovery Mining's executive team, including the four founders, and the company's 51 employees have joined Interwoven as part of the company's Professional Services Industry Solutions (PSIS) team. The Discovery Mining and Interwoven sales team will partner to deliver eDiscovery capabilities to Interwoven's more than 1,700 existing professional services firms, including 72 of the Am Law 100 law firms and 87 of the top 250 UK law firms.
Interwoven announced its intent to acquire Discovery Mining on July 24, 2008. Please visit www.interwoven.com to read the acquisition announcement, as well as additional materials on the news, including a podcast from Interwoven CEO Joe Cowan.
Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements that are subject to risks, uncertainties and other factors that could be deemed forward-looking statements and could cause actual results to differ materially from those referred to in the forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks, uncertainties and assumptions include the market for the sale of certain products and services may not develop as expected; that Interwoven is unable to cross-sell Discovery Mining offerings to existing Interwoven customers; lack of market acceptance of Discovery Mining's products and services; failure of the market for eDiscovery software solutions to develop and grow as quickly as expected; delays and difficulties in introducing new products and enhancements to address the needs of specific vertical markets; the introduction of new products or services by competitors that could delay or reduce sales; the impact of world and geopolitical events on sales cycles and transaction closure rates; actual or perceived declining economic conditions that could negatively affect sales and profits; and reduced financial and operational performance arising out of the integration of the acquired business with Interwoven. If any of these risks or uncertainties materializes or any of these assumptions proves incorrect, Interwoven's results could differ materially from the results described in these statements. Interwoven does not assume any obligation and does not intend to update these forward-looking or other statements in this release.
About Interwoven
Interwoven, Inc. (NASDAQ: IWOV) is a global leader in content management solutions. Interwoven's software and services enable organizations to maximize online business performance and organize, find, and govern business content. Interwoven solutions unlock the value of content by delivering the right content to the right person in the right context at the right time. Over 4,700 of the world's leading companies, professional services firms, and governments have chosen Interwoven, including Airbus, Amnesty International USA, Avaya, BT, Cisco, Citi, Delta Air Lines, DLA Piper, FedEx, Grant Thornton, Hilton Hotels, HKMP LLP, Hong Kong Trade and Development Council, HSBC, LexisNexis, MasterCard, Microsoft, Samsung, Shell, Sky Italia, Qantas Airways, Tesco, Virgin Mobile, and White & Case. A community of over 25,000 developers and over 300 partners enrich and extend Interwoven's offerings. To learn more about Interwoven, please visit www.interwoven.com.
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