HP sells iManage to its founders
The software company provides document management services to many of the top players in the legal marketplace.
Hewlett-Packard has sold legal IT company iManage to its management. The enterprise content management software company, which helps professional services firms securely manage documents and email, was acquired by HP when it bought Autonomy. CEO Neil Araujo, who co-founded iManage, said it was too small for HP. With 3000 clients including more than 400 corporate legal departments, 80 percent of the world’s largest law firms and two of the Big Four accounting firms, he said that the total marketplace for enterprise content management is no more than one billion dollars. It currently has 3,000 clients and intends to invest in research and development. With offices in Silicon Valley, London and Bangalore, its headquarters will remain in Chicago.