Interwoven Inc. announced Monday that it has entered into an agreement to buy its digital asset management partner MediaBin Inc. in a cash and stock deal worth approximately $10 million.
The companies have worked together since last October when they announced an integration of their respective products—for content management and digital asset management—and have since signed up more than a dozen customers for the integrated solution, dubbed the Interwoven Digital Brand Management Solution.
The solution currently combines Interwovens TeamSite Content Server software and MediaBins Asset Manager.
Interwoven plans to move beyond that integration though by adding its Intelligence Server software for advanced content classification and taxonomy management to the mix, to deliver what Interwoven officials call intelligent management of rich media assets.
This combination of Interwoven and MediaBins capabilities would ensure consistent, accurate and current content assets to support all enterprise products and services, Interwoven officials said. The new solution will also include extensions to print applications, such as Adobe InDesign, and will utilize Interwovens next-generation ContentServices standard for Web Service-enabled applications, officials said.
The deal requires the approval of at least 85 percent of the holders of Interwovens common stock.
(Editors Note: This story has been modified since its orignial posting to fix an error in the monetary value of the deal.)