Interwoven to Acquire eDiscovery Innovator Discovery Mining, Inc.
Acquisition Builds on Interwoven's Legal Industry Leadership by Adding Software-as-a-Service Solution that Significantly Streamlines and Simplifies the eDiscovery Process
SAN JOSE, Calif., - July 24, 2008 - Interwoven, Inc. (NASDAQ: IWOV), a global leader in content management solutions, today announced that it has entered into a definitive agreement to acquire Discovery Mining, Inc., a leading eDiscovery provider to professional services firms and corporations. 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.
Under the terms of the agreement between Discovery Mining and Interwoven, Interwoven will pay approximately $36 million in cash for all outstanding shares of Discovery Mining and vested stock options, and assume certain existing employee stock options.
"Interwoven has a rich heritage helping the world's leading professional services firms tackle their most complex and pressing information management challenges," said Joe Cowan, CEO at Interwoven. "The acquisition of Discovery Mining is consistent with that focus, as eDiscovery has become an absolutely vital - yet challenging - component of the litigation process. We look forward to adding Discovery Mining's innovative eDiscovery service to our set of market-leading solutions we offer to over 1,700 organizations around the world. We plan to leverage our market experience to bring leadership to what is today a fragmented market for eDiscovery."
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. Most organizations do not have the infrastructure to handle large volumes of information, and are turning to companies like Discovery Mining to manage the eDiscovery process for them. According to a recent report by Forrester Research, Inc., the North American eDiscovery market, which in 2006 was $1.45 billion, will grow to almost $4.89 billion by 2011 - an increase of 238 percent in five years.
Founded in 2002, Discovery Mining is a pioneer and technology innovator in the high growth and evolving eDiscovery market. In the 2008 Socha-Gelbmann Electronic Discovery Survey, Discovery Mining was ranked by law firms as a top five provider of eDiscovery services. Named one of the 500 fastest-growing companies by Inc. magazine in 2007, Discovery Mining has worked with more than half of the Am Law 100 firms, as well as a number of Fortune 500 corporations. Key Discovery Mining clients include DLA Piper UK LLP, Greenberg Traurig LLP, Holland & Knight, Morrison & Foerster LLP, and Weil Gotshal & Manges LLP.
Litigation and investigations today take place in the midst of an information explosion of unprecedented scale. Documents and emails related to an individual case can easily number into the tens of millions. The sheer volume of this high stakes data - and the crushing timetables that come with litigation and investigations - has had a huge impact on the cost, time and risk associated with eDiscovery.
Discovery Mining's highly scalable eDiscovery service is optimized for the processing and review of massive volumes of electronic data. The service features powerful capabilities for accelerated review, including concept searching, clustering, analytics and email filtering. As a result, organizations can improve the productivity of reviewers, make more effective assessments and meet the pressing deadlines of litigation and investigations with greater predictability.
"When we founded Discovery Mining six years ago we recognized that the volumes of information being reviewed in eDiscovery would only increase," said Matthew Work, CEO and founder of Discovery Mining. "The fundamentally different approach we took to solving this complex problem has helped us a build a leading share in the eDiscovery market, and Interwoven is the natural partner to help us take this approach to a much larger audience. We're excited to join the team at Interwoven, and we look forward to working with them to deliver the innovative solutions that help our collective customers compete and succeed in a rapidly changing world."
While the acquisition is expected to be completed in the third quarter of 2008, the transaction is subject to customary closing conditions.
Conference Call Information Interwoven will host a conference call to discuss the acquisition of Discovery Mining, as well as Interwoven's Q2 financial results, today at 5:00 p.m. (Eastern Daylight Time).
Conference Call Details: Date: July 24, 2008 Time: 2:00 p.m. PDT (5:00 p.m. EST) Live Dial-in #: (800) 388-8975 or (913) 312-0845 Replay #: (888) 203-1112 or (719) 457-0820 Pass code: 8602354
Audio Webcast instructions will be available on Interwoven's Website at http://www.interwoven.com/investors. The call replay will be available starting on July 24, 2008 at approximately 8:00 p.m. EDT for a limited time period.
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. For example, statements regarding the expected timing of closing the Discovery Mining, Inc. acquisition and the projected market for eDiscovery solutions or customer needs are all forward-looking statements. Risks, uncertainties and assumptions include the possibility that the Discovery Mining, Inc. acquisition does not close; 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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