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Interwoven to Acquire eDiscovery Innovator Discovery Mining, Inc.

By Brad Jenkins

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.

Full post as published by Litigation support industry business news and information on July 24, 2008 (boomark / email).