SUNNYVALE, Calif., December 17, 1999 - Interwoven, Inc., (NASDAQ: IWOV) today announced that it has filed a registration statement with the Securities and Exchange Commission relating to a proposed public offering of up to 3,450,000 shares of its common stock. Of this amount, 1,000,000 shares will be offered by the Company and 2,000,000 shares will be offered by certain stockholders. Certain selling stockholders will grant the underwriters an option to purchase 450,000 additional shares to cover over-allotments, if any.

Interwoven, Inc. is a provider of Web content management solutions. Its products are specifically designed to help companies rapidly and efficiently build, maintain and extend mission-critical Web sites and eBusiness applications. Interwoven's principal product, TeamSite, combines the functions of content management, version control, workflow and application development in an open, standards-based platform that allows large numbers of contributors across an enterprise to add Web content in a well-managed manner.

Credit Suisse First Boston will act as the lead underwriter of the offering. The co-managers are Robertson Stephens; Dain Rauscher Wessels; SoundView Technology Group; and Adams, Harkness and Hill, Inc.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.