I-many Inc. is continuing its consolidation of the contract management software sector by buying Menerva Technologies Inc. almost a year after taking over Provato Inc., another firm in the industry.

Portland, Maine-based I-many has agreed to merge a subsidiary into Redwood City, California-based Menerva in the acquisition for a total of $8.5 million in cash and stock.

"Combined with our comprehensive sell-side contract solutions, Menerva's buy-side contract solutions will give us a closed-loop offering that will deliver value throughout the enterprise for our current and future customers," says Leigh Powell, CEO of I-many.

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