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Interwoven
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Interwoven, Inc., is an enterprise software company headquartered in San Jose, California, USA and founded in 1995. On January 22, 2009, it was announced that Interwoven was to be acquired by enterprise search vendor Autonomy for $775 million.
company is mainly known for both its content management system TeamSite, used to create complex intranet and Internet websites for enterprises and document management system WorkSite used to store, index, organize and search documents and email.
Interwoven claims to have over 4,200 organizations as customers, including adidas, Airbus, Avaya, BT, Cisco, Citi, Delta Air Lines, DLA Piper, FedEx, Grant Thornton, Hilton Hotels, Hong Kong Trade and Development Council, HSBC, LexisNexis, MasterCard, Microsoft, Samsung, Shell, Qantas Airways, Tesco, Virgin Mobile, and White & Case.
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Encyclopedia
Interwoven, Inc., is an enterprise software company headquartered in San Jose, California, USA and founded in 1995. On January 22, 2009, it was announced that Interwoven was to be acquired by enterprise search vendor Autonomy for $775 million.
Products and customers
The company is mainly known for both its content management system TeamSite, used to create complex intranet and Internet websites for enterprises and document management system WorkSite used to store, index, organize and search documents and email.
Interwoven claims to have over 4,200 organizations as customers, including adidas, Airbus, Avaya, BT, Cisco, Citi, Delta Air Lines, DLA Piper, FedEx, Grant Thornton, Hilton Hotels, Hong Kong Trade and Development Council, HSBC, LexisNexis, MasterCard, Microsoft, Samsung, Shell, Qantas Airways, Tesco, Virgin Mobile, and White & Case. A community of over 20,000 developers and over 300 partners enrich and extend Interwoven's offerings.
A big percentage of the company's revenues come from their vertical solutions for document management for law firms, an industry where Interwoven has significant market share and a vertical product for financial services.
It claims to have created a network of system integration and marketing partners (including Accenture, Deloitte and IBM) as well as development and technology partners (including Adobe, RBRO Solutions,
EMC, Microsoft, SAP AG and Sun Microsystems) around its products.
Competitors
Interwoven's main competitors in the content management (CM) business include SDL Tridion with its R5 product suite, FatWire with its FatWire Content Server solution, Vignette Corporation with its Vignette product suite, Open Text Corporation (Livelink, supplemented with acquisitions of RedDot, IXOS, Hummingbird), EMC (via Documentum acquisition), Xerox Corporation (DocuShare), IBM (via FileNet acquisition), Oracle Corporation (Oracle Content Management (via Stellent acquisition)), Microsoft (SharePoint) and Broadvision.
The ECM vendor space has drastically changed as larger Database providers such as EMC, Oracle, and IBM began acquiring independent ECM vendors starting with EMC's $1.7B USD purchase of Documentum. Interwoven, OpenText and Vignette remain the three largest independent ECM vendors with OpenText far outpacing the other two in terms of revenue and customer base.
Note: On January 22, 2009, Interwoven announced that it was to be acquired by enterprise search vendor Autonomy Corporation for $775 million. Autonomy stated that they intend to integrate Interwoven's full line of offerings into their Meaning Based Computing technologies (IDOL) (with its ability to understand content) to create a new set of technologies. According to the official press release, Interwoven's products know what the customer interactions are, and Autonomy's IDOL will allow them to know what they mean.
Foundation to initial public offering
The company was founded in 1995 in California by Singaporean entrepreneur Peng T. Ong, who was also Interwoven's first ceo & chairman. Peng was previously co-founder of Match.com, and later went on to found Encentuate. In its private startup phase the company was backed by Foundation Capital, Draper Fisher Jurvetson, Accel Partners and other venture capital co-investors including Internet entrepreneur Gary Kremen.
On October 8, 1999 Interwoven went public on NASDAQ at $17.00 per share with Credit Suisse First Boston as the lead underwriter of the offering.
In November 2001 the IPO and a follow-on public offering were challenged in a class-action lawsuit, based on the allegation that the official prospectus filed with the SEC contained false and misleading statements as it did not disclose connections between the underwriters and other investors and customers of Interwoven.
Dot-com boom
In the years of the dot-com bubble the company made news by offering huge hiring incentives, in order to compete for talented people with other startup companies in Silicon Valley. At one point in early 2000, it promised to pay for a 2-year lease on a new BMW Z3 sports car to the first 20 new engineers coming to Interwoven and staying with the company for at least a year. This was less expensive than the going rate for recruiting fees in Silicon Valley at that time. Though a minority of engineers elected to take the car over the equivalent sum in cash, the move generated a large amount of publicity.
Sale to Autonomy
On 22 January 2009, Interwoven announced that it will be acquired by . Here's an excerpt from Interwoven's website:
Today, Interwoven entered into a definitive agreement to be acquired by Autonomy, the clear leader in enterprise search and the front runner in Meaning-Based Computing. The combined company will have more than 2,000 employees and 20,000 customers. Following the close, Interwoven will become a wholly-owned subsidiary of Autonomy.
According to Autonomy's announcement:
Under the terms of the Acquisition Agreement, it is proposed that Interwoven stockholders will receive $16.20 in cash for each outstanding Interwoven share, representing a premium of 36.8% to the closing share price of $11.84 on January 21, 2009, and a premium of 36.2% to the average closing share price over the 30 days through January 21, 2009
Aggregate consideration of approximately $775 million (assuming exercise of all vested in-the-money Interwoven share options), funded by an underwritten placing of ordinary shares (the "Placing"), a new revolving credit facility from Barclays and a portion of Interwoven and Autonomy's cash reserves. Post-closing Autonomy expects to have a cash balance of at least $75 million, assuming close in Q2'09.
External links
- - Company website
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- -- RBRO Solutions - PSIS Platinum Partner
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