LLR Completes i-Many Buyout

LLR Partners has completed its take-private acquisition offer of I-many (Nasdaq: IMNY), an Edison, N.J.-based provider of enterprise contract management software and services. Under terms of the agreement, I-many stockholders received $0.61 per share, for an overall equity value of approximately $33 million.

PRESS RELEASE

LLR Partners, Inc. (“LLR”) one of the Mid-Atlantic’s largest private equity investment firms, with more than $1.4 billion under management, today announced that it has completed the acquisition of I-many, Inc. (IMNY.PK) , a leading provider of contract management software and services for the enterprise, for $0.61 per share in cash.

LLR and I-many announced a definitive merger agreement on April 29, 2009. The agreement was approved unanimously by the I-many Board of Directors at that time, and has subsequently gained the approval of I-many’s stockholders. As a result of the merger, quotation of I-many’s common stock on the OTC Pink sheets will cease at the end of trading on June 25, 2009.

John A. Rade, President and CEO of I-many, said, “LLR has expertise in both application software and the healthcare industry, making it a perfect fit for I-many.  They bring the talent, resources and commitment we need to execute on our enhanced growth strategy.  With the recent uncertainty now in the past, I-many can move forward with a renewed focus on growth and the capital base to pursue our long-term vision for the company.”

Paul Winn, Operating Partner for LLR, has joined I-many as Chairman of the Board of Directors.  In commenting on his new role, Mr. Winn said, “I look forward to working with I-many, its customers, partners, and employees to expand its leadership position and product offerings in the life sciences industry and provide valuable contract management solutions across many industries.  With LLR, I-many can continue to drive real value for the customers that depend on its contract management software and services.”

Greg Case, Partner of LLR Partners added, “I-many has a solid array of products and services, a strong pipeline of new business opportunities, trusted partners, and loyal customers who depend on our solutions to deliver real ROI across the entire contract life cycle. As a portfolio company of LLR, I-many can leverage our years of experience as a successful investor in the enterprise software applications industry and our connections in the healthcare field to re-energize its growth initiatives.”

About LLR Partners

LLR Partners, a leading private equity firm based in Philadelphia, PA, provides capital to middle market growth companies with proven business models in a broad range of industries including healthcare, financial and business services, information technology and education. With over $1.4 billion under management, LLR is flexible in its approach, taking minority or majority positions, and investing in transactions ranging from expansion and growth capital to recapitalizations and buyouts. For more information on LLR, please visit www.llrpartners.com.

About I-many

I-many is a leading provider of contract management software and services for the enterprise. With hundreds of companies across 21 industries worldwide, I-many is enabling businesses to manage the entire contract life cycle, from pre-contract processes and contract management to active compliance, contract optimization, demand channel visibility and control. The result is an end-to-end solution that provides greater levels of insight into contract performance, allowing companies to improve profitability and achieve a measurable return on investment. For more information, please visit www.imany.com.