Mergers and Acquistions News
Categories: IT Services & Consulting
May 1st 2009, 16:05PM
One of the mid-Atlantic's largest private equity investment firms, LLR Partners, has announced a merger agreement with I-many, a leading provider of contract management software.
LLR Partners will acquire I-many for approximately $0.43 (£0.29) per share in cash, in a transaction valued at $36 million.
The transaction has been approved unanimously by I-many's directors and is expected to close during the third quarter of 2009.
John Rade, president and chief executive officer of I-many, says the deal presents the opportunity to overcome its debt obligation difficulties and preserve shareholder value.
"Among the potential strategic partners we considered for I-many, we believe LLR possess the greatest understanding of the unique value of I-many as a leading provider of contract management solutions for the enterprise," he commented.
I-many recently reported record financial results for the first quarter of 2009, with an increase in net revenues of 15 per cent compared to the final quarter of 2008.
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