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Interwoven go on the acquisition trail

Legal sector DMS market leader Interwoven has just announced that it has entered into a
definitive agreement to acquire Discovery Mining, a leading
e-discovery 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 (SaaS)
solution for processing, reviewing and producing massive volumes of
electronic data.

Under the terms of the agreement, Interwoven will pay approximately $36 million in cash for
all outstanding shares of Discovery Mining (which was founded in 2002) and vested stock options,
and assume certain existing employee stock options. While the acquisition is expected to be completed in the third
quarter of 2008, the transaction is subject to customary closing

Commenting on the deal Interwoven CEO Joe Cowan said
“The acquisition of Discovery Mining is consistent with that focus, as
e-discovery has become an absolutely vital – yet challenging – component
of the litigation process. We plan to leverage
our market experience to bring leadership to what is today a fragmented
market for e-discovery.”

Most organizations do not have the infrastructure to handle large
volumes of information, and are turning to companies like Discovery
Mining to manage the e-discovery process for them. According to a recent
report by Forrester Research, the North American e-discovery
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. In the
2008 Socha-Gelbmann* Electronic Discovery Survey, Discovery Mining was
ranked by law firms as a top five provider of e-discovery services. It has worked with more than half of the Am Law 100
firms, as well as a number of Fortune 500 corporations. Key Discovery
Mining clients include DLA Piper UK LLP, Greenberg Traurig LLP, Holland
& Knight, Morrison & Foerster LLP, and Weil Gotshal &
Manges LLP.

Discovery Mining’s highly scalable e-discovery service is optimized
for the processing and review of massive volumes of electronic data.
The service features powerful capabilities for accelerated review,
including concept searching, clustering, analytics and email filtering.
As a result, organizations can improve the productivity of reviewers,
make more effective assessments and meet the pressing deadlines of
litigation and investigations with greater predictability.

* The Orange Rag will be publishing a separate story on Socha Gelbmann 2008.