LLR Partners, one of the Mid-Atlantic’s largest private equity investment firms, has completed the acquisition of I-many, a provider of contract management software and services, for US
LLR Partners, one of the Mid-Atlantic’s largest private equity investment firms, has completed the acquisition of I-many, a provider of contract management software and services, for USD0.61 per share in cash.
LLR and I-many announced a definitive merger agreement on 29 April 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 25 June 2009.
John A. Rade, president and chief executive of I-many, says: "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.
Winn says: ‘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.’
