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I-many snaps up Provato

Published on .

Portland, Maine--I-many Inc., which specializes in the growing supplier relationship management arena, has signed an agreement to buy privately held Provato L.L.C., Oakland, Calif. for 3.1 million shares of stock. Provato's specialty is software that manages supplier contracts once they are in place, while I-many has software that enables corporate purchasing departments to find new suppliers and negotiate contracts. With its stock trading at around $13 at deadline Friday, I-many's acquisition price for Provato was about $40 million. I-many's strength is in the health care vertical, but it is currently seeking to expand its customer base to other industries.
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