Leading Institutional Investors Join in Funding Web Content Management Leader

SUNNYVALE, Calif., June 15, 1999 - Interwoven Inc., today announced that it has secured $19.2 million in a mezzanine funding round to be used to support the company's continued market expansion and product development. Led by J. & W. Seligman, additional new investors include Van Wagoner Capital Management, Cambridge Technology Capital, Bluewater Capital Management, Inc. and others. These investors join Interwoven's existing investors Foundation Capital, Accel Partners, Integral Capital Partners, Draper Fisher Jurvetson, JK&B Capital and Charter Ventures in this round. Interwoven's total amount of private funding to date is $38.1 million. The sole placement agent for the financing was Credit Suisse First Boston Technology Group.

The company's previous round of funding (series D) was led by Foundation Capital in November 1998 and totaled $7.9 million.

"Interwoven has represented a crown jewel in Foundation's portfolio," said Kathryn Gould, general partner at Foundation Capital. "The caliber of the institutional investors that have joined us is further validation of Interwoven's success and bright future."

The new investors cited several factors that attracted them to Interwoven. These factors included the company's rapidly expanding customer base of over 70 customers, the strength of the existing products as well as the solid product roadmap and the overall strength of the Web content management market.

"Interwoven has established itself as a clear leader in Web content management," said Bill Burnham, senior technology analyst at Credit Suisse First Boston. "Its software is rapidly becoming critical to development and management of some of the Internet's largest and most respected Web sites."

"Interwoven's successful business model and innovative technology make it an excellent investment opportunity for Seligman," said Storm Boswick, managing director at J. & W. Seligman & Co. "We were impressed by the company's market potential and its marquee customer list, as well as its highly experienced management team."

"Web content management represents a critical component of a strategic practice at Cambridge Technology," said Barry Rosenbaum, managing director of Cambridge Technology Capital Fund and vice president of Cambridge Technology Partners (Nasdaq: CATP). "The Fund makes direct strategic investments in companies where Cambridge's strong market presence and consulting and integration expertise can add the greatest value. Interwoven clearly represents a strong partnership and an important investment opportunity in the rapidly growing eBusiness arena."

Interwoven, Inc. is a leading provider of content management for the enterprise Web. Its flagship product, TeamSite, controls the development, management and deployment of business-critical Web sites. As the platform for eBusiness, Interwoven enables electronic commerce, customer relationship management, supply chain management and knowledge management for Web leaders and Fortune 1000 companies moving to the Web. TeamSite is available for both the Sun Solaris and Microsoft NT operating systems. For more information on the company and its software solutions, visit the Interwoven Web site at www.interwoven.cn or e-mail info@interwoven.com .