PORTLAND, Maine and New York, April 12, 2001 – I-many, Inc. (Nasdaq: IMNY), the leader in Contract Management and Trade Relationship Management software solutions, and Accenture today announced a marketing alliance aimed at enhancing business-to-business contract management. Initially, the alliance plans to serve pharmaceutical and consumer goods manufacturers, with the goal of expanding to industries with similar needs, such as chemicals and electronics.
“An overwhelming number of business transactions are governed by some type of contract, which creates the tremendous challenge of managing and tracking hundreds of agreements,” said Accenture Pharmaceutical and Medical Products Partner David Blumberg. “Moreover, since pharmaceutical companies pay a substantial percentage of revenues in rebates to managed care organizations, group purchasing organizations and drug wholesalers, this alliance was formed to help the industry optimize and benefit from the critical capability of contract management.”
I-many’s comprehensive suite of Web-based and behind-the-firewall solutions help companies more effectively and efficiently make, manage and maximize the value of business relationships as reflected in a contract or trade agreement. I-many’s products and services combined with Accenture’s industry knowledge and experience, supply chain skills and strong client relationships, aims to help companies achieve cost efficiencies as well as enhance revenues through trading partner relationships.
In fact, a recent Goldman Sachs research report indicates that companies using contract management software, such as I-many, can reduce their annual contract management expenses by 20 to 50 percent.
In addition to offering cost efficiencies, successful contract management enables professionals to reduce their focus on administration and increase attention on initiatives such as developing business opportunities and evaluating financial performance, Blumberg added.
Under the alliance agreement:
Accenture will become the preferred business integration provider for the I-many Contract Administration and Reporting System (CARS®). A team of Accenture professionals will be specially trained to implement I-many’s contract management software applications. I-many will also become Accenture’s preferred automated contract management solution provider. Also, if mutually established performance objectives are met, Accenture has the opportunity to earn warrants that can be exercised to purchase equity in I-many.
“This alliance builds upon our strong cumulative presence in healthcare and consumer goods to offer products and services focused on improving the quality and value of trading partner relationships across the supply chain,” said Leigh Powell, president and CEO of I-many. “We are extremely pleased to be the preferred provider of contract management solutions for the world’s premier consulting organization and look forward to working with Accenture to redefine the manner in which organizations create, manage and maximize their trading partner relationships.”
Accenture is a $10 billion global management and technology consulting organization. The firm is reinventing itself to become the market maker, architect and builder of the new marketplace, bringing innovations to improve the way the world works and lives. More than 70,000 people in 46 countries deliver a wide range of specialized capabilities and solutions to clients across all industries. Under its strategy, the firm is building a network of businesses to meet the full range of client needs—consulting, technology, outsourcing, alliances and venture capital. Accenture’s home page address is http://www.accenture.com.
The I-many CARS® /IS (Integrated System) automates clients’ contract management systems and helps them eliminate hard-to-track paper-based transactions. CARS®/IS analyzes customer contract performance, provides customers with volume-based discount information, and determines how to structure the best contracts in different markets, resulting in enhanced relationships and increased sales.
I-many (NASDAQ: IMNY) is the leader in providing software and Internet-based contract management solutions and related professional services which enable businesses to manage complex trade relationships and facilitate business-to-business e-commerce. The company’s software is used by 8 of the largest 10 healthcare manufacturers in the world and leading consumer goods companies. The company estimates that its solutions help manage more than $45 billion in contracted commerce per year. For more information, visit the company Web site at http://www.imany.com
This press release may contain forward-looking statements relating to the future performance of I-many, Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from expectations. These risks and uncertainties include the uncertainty associated with the adoption by small and medium-sized manufacturers of I-many’s ASP service model, the adoption by companies outside the healthcare field of I-many’s solutions generally, the acceptance by participants in the industries targeted by the Company of business-to-business Internet exchanges for the management of complex contracts, and competition for market share among the companies providing technologies and services similar to those provided by the Company.