Exhibit 99.1

Press Release

I-many Reports Third Quarter 2008 Financial Results

EDISON, N.J., October 30, 2008 — I-many, Inc. (NASDAQ: IMNY), a leading provider of contract management software and services for the enterprise, reported financial results for the third quarter ended September 30, 2008.

Q3 2008 Highlights

Financial Results for Q3 2008

Net revenues in the third quarter 2008 totaled $8.2 million, a decrease of 19% from $10.2 million reported in the previous quarter and a decrease of 23% from $10.7 million reported in the same period a year ago.

Total operating expenses in the quarter were $11.2 million, a decrease of 18% from $13.7 million in the previous quarter and a decrease of 6% from $12.0 million in the same quarter a year ago.

Research and development expense totaled $3.1 million in the third quarter, a decrease of 21% from $4.0 million in the previous quarter and a decrease of 17% from the $3.8 million expensed in the third quarter of 2007.

Loss per share totaled ($0.06), as compared to ($0.07) for the previous quarter and ($0.02) for the third quarter of 2007.

Quarter-end cash, restricted cash and short-term investments totaled $12.3 million, as compared to $15.8 million at the end of the previous quarter and $29.0 million at the end of 2007.

Results by Revenue Category

Recurring revenue generated from software subscriptions, maintenance, support and hosting totaled $5.1 million in the quarter, a decrease of 3% from $5.3 million in the prior quarter and an increase of 4% from $5.0 million reported in the same quarter a year ago.

Services revenue from professional services totaled $2.6 million, unchanged from the prior quarter and a decrease of 26% from $3.5 million reported in the same period a year ago.

License revenue, representing one-time perpetual license fees from product sales, totaled $0.5 million, a decrease of 79% from $2.2 million in the prior quarter and a decrease of 78% from $2.2 million reported in the same period a year ago.

Non-GAAP Financial Results

Management believes certain non-GAAP financial results may present a useful picture of the company’s results since implementing the change in its licensing model to include software subscriptions. (See “Use of Non-GAAP Financial Information,” below.) This includes the gross value of license contracts signed during a period, which the company calls “bookings,” and which

totaled $520,000 in the third quarter of 2008. This represents a decrease of 73% from $1.9 million signed in the prior quarter and a decrease of 87% from $3.9 million signed in the third quarter of 2007.

Unamortized software subscriptions expected to be recognized over the next five years totaled $12.8 million. This represented a decrease of 5% from $13.5 million at the end of the prior quarter and a decrease of 33% from $19.2 million at the end of the third quarter 2007. The decrease was due to the recognition of subscription revenue exceeding the amount of new subscriptions signed. (The company defines “unamortized software subscriptions” as the remaining portion of non-cancelable subscription contracts that have been signed but not yet recognized into revenue.)

The combined amount of deferred revenue and unamortized software subscriptions totaled $28.4 million at the end of the third quarter, a decrease of 4% from $29.7 million at the end of the prior quarter and a decrease of 16% from $33.8 million at the end of the third quarter 2007. The decrease is attributed to a reduction in unamortized software subscriptions, which is a result of the recognition of subscription revenue exceeding the amount of new subscriptions signed.

Q3 2008 Operational Highlights

Management Commentary

“Like most companies, we have been affected by the general economic slowdown,” said John A. Rade, chairman, president and CEO of I-many. “Even without these challenging economic conditions, the third quarter is typically our slowest. Together, these factors contributed to many extended sales cycles; our customers are re-examining their budgets and prolonging the time they take to make technology purchase decisions. As a company we also need to be less reliant on large transactions and renew our efforts to improve our sales execution. These factors combined to negatively affect our Q3 bookings.

“Still, we had anticipated and guided to lower second half bookings compared to our original expectations. We adjusted our expense structure accordingly, which reduced our operating expense by 18% from the previous quarter. We will continue to carefully monitor expenses and adjust as appropriate. We also lowered R&D expense as planned, bringing it more in line with industry norms. Our lower R&D expense reflects that our next-gen products are fully ready for the market; ‘Next-gen’ has now given way to ‘Now-gen.’”

“We are encouraged by the enthusiasm for our new products expressed by the nearly 300 attendees at this year’s I-many user summit held earlier this month. We were able to conduct many one-on-one briefings and planning sessions with our largest customers and obtained valuable insights into their business plans.”

Third Quarter 2008 Conference Call

I-many will hold a conference call to discuss the second quarter today at 4:30 p.m. Eastern Time. I-many Chairman, President and CEO John A. Rade and CFO Kevin M. Harris will host the presentation, followed by a question and answer period.

Date: Thursday, October 30, 2008

Time: 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time)

Dial-In Number: 1-800-894-5910

International: 1-785-424-1052

Conference ID#: 7IMANY

The call is also being webcast, and will be accessible via I-many’s investor section at www.imany.com.

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization and ask you to wait until the call begins. If you have any difficulty connecting with the conference call, please contact the Liolios Group at (949) 574-3860.

A replay of the call will be available after 7:30 p.m. Eastern on the same day and until November 30, 2008:

Toll-free replay number: 1-800-374-0934

International replay number: 1-402-220-0680

(No passcode required)

Use of Non-GAAP Financial Information

The company supplements its GAAP financial statements in this release and in its annual report on Form 10-K and quarterly reports on Form 10-Q with a reconciliation of the non-GAAP gross value of license transactions to its reported GAAP license revenues. This non-GAAP financial information is provided as additional information for investors and is not in accordance with or an alternative to GAAP. Management has included a table that shows the results for the third quarter 2008 compared to the comparable periods in 2007 for new license transactions including subscription contracts, the recognition into reportable revenue of deferred non-subscription license transactions, and the reconciliation of those numbers to total license revenue according to GAAP. Management believes its inclusion can enhance an overall understanding of the company’s past operational performance and also its prospects for the future. This reconciliation of license revenues is made with the intent of providing both management and investors a more complete understanding of the revenue performance of the company, as opposed to GAAP revenue results, which do not include the impact of newly-executed subscription agreements and other deferred revenue arrangements that are material to the ongoing performance of the company’s business. This information quantifies the various components comprising current license revenue, which in each quarter consists of revenues from licenses sold in current periods plus revenues deferred from prior periods, less revenue deferred from licenses sold in current periods. Management uses this information as a basis for planning and forecasting core business activity in future periods and believes it is useful in understanding our results of operations. The presentation of this additional revenue information is not meant to be considered in isolation or as a substitute for revenues reported in accordance with generally accepted accounting principles in the United States.

About I-many

I-many (NASDAQ:IMNY) is a leading provider of contract management software and services for the enterprise. I-many is enabling businesses worldwide to manage the entire contract life cycle, from pre-contract processes and contract management to active compliance, contract optimization, demand channel visibility and control. The result is an end-to-end solution that provides greater levels of insight into contract performance, allowing companies to improve profitability and achieve a measurable return on investment. For more information, please visit www.imany.com.

This news release contains forward-looking statements, and actual results may vary from those expressed or implied herein. Factors that could affect these results include the risk that current economic conditions and consolidation in the pharmaceutical industry could weaken demand for our products; the risk that our common stock will trade below levels required to maintain listing on the NASDAQ Capital Market; the risk of unforeseen technical or practical impediments to planned software development, which could affect the company’s product release timetable; the risk that the ratio of subscription license sales to perpetual license sales could be higher than anticipated, possibly leading to lower revenue in current periods and less cash than predicted in the near term; the risk of lower demand for the company’s new products than management anticipates; the risk that these preliminary results will be modified during our auditor’s complete review of the Company’s quarterly financial statements; the inherent risks of large software implementation projects, which can cause customer disagreements that could affect I-many’s ability to collect both services and license revenue, whether recognized or deferred; the possibility that customers could cancel maintenance and support services at the time of annual renewal, which could decrease I-many’s base of recurring revenue; the possibility that extraordinary events outside the company’s control could extend the length of the sales cycle for the company’s products or make the market for the company’s products more unpredictable; the risk that the company will not be successful in opening new markets for its products; and other risk factors set forth from time to time in the company’s filings with the Securities and Exchange Commission.

I-MANY, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

(Unaudited)

I-MANY, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(in thousands)

(Unaudited)

Reconciliation of Gross Value of License Bookings to Reportable Product Revenue

Company Contacts

I-many, Inc.

Kevin Harris, CFO

732-452-1515

kharris@Imany.com

or

Investor Relations:

Liolios Group, Inc.

Geoffrey Plank

949-574-3860

info@liolios.com