Exhibit 99.1

FOR IMMEDIATE RELEASE July 17, 2003

Documentum Public Relations Contact:	Documentum Investor Relations Contact:
Bonnie Harris	Janet Scott
B3 Communications	Documentum
(415) 332-5816	(925) 600-6474
bharris@b3communications.com	janet.scott@documentum.com

DOCUMENTUM REPORTS 26% YEAR-OVER-YEAR
QUARTERLY REVENUE GROWTH

— Third Consecutive Quarter of Record Total Revenue —

PLEASANTON, Calif. – July 17, 2003 - Documentum, Inc. (NASDAQ: DCTM), the leading provider of enterprise content management (ECM), today announced financial results for the second quarter ended June 30, 2003.

Total revenue for the second quarter 2003 was $68.2 million, representing a 26 percent increase over the second quarter of 2002, and a 2 percent increase over the first quarter of 2003. This marks the third consecutive quarter that the company has set an all-time record for total revenue. On a GAAP basis, diluted earnings per share for the second quarter 2003 were $0.01, compared to a loss per share of $0.01 for the second quarter of 2002 and a loss per share of $0.10 for the first quarter of 2003. On a non-GAAP basis, diluted earnings per share for the second quarter 2003 were $0.07, compared to diluted earnings per share of $0.01 for the second quarter of 2002 and diluted earnings per share of $0.06 in the first quarter of 2003.

On a GAAP basis, net income for the second quarter of 2003 was $0.6 million, compared to a net loss of $0.5 million reported for the second quarter of 2002 and a net loss of $5.0 million for the first quarter of 2003. On a non-GAAP basis, net income for the second quarter 2003 was $3.6 million, compared to net income of $0.5 million in the second quarter of 2002 and net income of $2.9 million in the first quarter of 2003.

“Documentum is building on its fundamental strengths, and our continued growth and profitability are strong evidence that this strategy is working,” said Dave DeWalt, president and CEO of Documentum. “Our strong presence in a number of industries, our ability to expand into additional markets, and our range of products helped us deliver positive results. We look forward to continuing the momentum gained during the past seven quarters throughout the remainder of the year.”

Highlights

• Five orders over $1 million.

• All-time record total revenue of $68.2 million.

• All-time record service revenue of $35.5 million.

• All-time high cash and investments balance of $266.5 million.

• Added 96 new customers.

• Approximately 70% growth in number of customers over past four quarters.

• Reported non-GAAP EPS of $0.07 – meeting guidance.

• Shipped Documentum 5.2 and Enterprise Records Management Solution.

Second Quarter 2003 Results Conference Call and Webcast

Investors can listen to a teleconference of Documentum’s Second Quarter financial results on Thursday, July 17, 2003, at 2:00 p.m. PDT (5:00 p.m. EDT) by calling 1-719-457-2638 (pass code 648030). The accompanying slide presentation (no audio) will be webcast simultaneous with the live teleconference and may be accessed on Documentum’s investor relations web page at — www.documentum.com/news_events/investor

The dial-in number for the audio-only replay is 1-719-457-0820 (pass code 648030). A replay of the webcast may also be found on the company’s investor relations web page shortly after 6:00 p.m. PDT on July 17.

The non-GAAP financial measures used in this press release exclude the impact of charges related to amortization of certain intangible assets, deferred stock-based compensation and restructuring charges. These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial

measures used by other companies. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The Company’s management refers to these non-GAAP financial measures, such as non-GAAP net income and diluted earnings per share, in making operating decisions because they provide meaningful supplemental information regarding the Company’s operational performance.

In addition, these non-GAAP financial measures facilitate management’s internal comparisons to the Company’s historical operating results and comparisons to competitors’ operating results. We include these non-GAAP financial measures in our earnings announcement because we believe they are useful to investors in allowing for greater transparency to the supplemental information used by management in its financial and operational decision-making. In addition, we have historically reported similar non-GAAP financial measures to our investors and believe that the inclusion of comparative numbers provides consistency in the reporting of our financial information at this time. Investors are encouraged to review the reconciliation of the non-GAAP financial measures used in this press release to their most directly comparable GAAP financial measure as provided with the financial statements attached to this press release.

About Documentum

Documentum provides enterprise content management (ECM) solutions that enable organizations to unite teams, content and associated business processes. Documentum’s integrated set of content, compliance and collaboration solutions support the way people work, from initial discussion and planning through design, production, marketing, sales, service and corporate administration. With a single platform, Documentum enables people to collaboratively create, manage, deliver and archive the content that drives business operations, from documents and discussions to email, Web pages, records and rich media. The Documentum platform makes it possible for companies to distribute all of this content in multiple languages, across internal and external systems, applications and user communities. As a result, Documentum’s customers, which include thousands of the world’s most successful organizations, harness corporate knowledge, accelerate time to market, increase customer satisfaction, enhance supply chain efficiencies and reduce operating costs, improving their overall competitive advantage. For more information, visit Documentum on the Web at www.documentum.com

###

Documentum and the Documentum logo are trademarks or registered trademarks of Documentum, Inc. in the United States and throughout the world. All other company and product names are used for identification purposes only and may be trademarks of their respective owners. Documentum cannot guarantee completion of any future products or product features mentioned in this document, and no reliance should be placed on their availability. Printed in the United States.

In addition to historical information contained herein, this presentation contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include, but are not limited to, statements relating to the company’s financial results and optimism about further momentum. The company’s future actual results could differ materially from these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the risks associated with the software market, risks associated with development and release of new versions and new products, fluctuations in customer demand for our products, risks associated with rapid technological change, concentration of a large percentage of our quarterly revenue with a few customers, the financial, economic and political conditions in the United States and abroad, the risk that the company will not be able to integrate its products, operations and business with acquired entities effectively, that the company’s customers, suppliers and employees will not support its acquisitions, and the other general risks of acquisitions. Such factors also include those discussed from time to time in the company’s public reports filed with the Securities and Exchange Commission, such as those under “Risk Factors” included in the company’s annual report on Form 10-K for the fiscal year ended December 31, 2002, quarterly report on Form 10-Q for the quarter ended March 31, 2003, as well as the company’s other filings with the Securities and Exchange Commission, which are available at www.sec.gov. A reconciliation of all GAAP and non-GAAP numbers contained herein is attached at the end of the accompanying press release, which is available at www.documentum.com/news_events/news/. The company undertakes no obligation to update or revise these forward-looking statements.

Documentum, Inc.
Condensed Consolidated Statement of Operations
(in thousands, except per share data)*

			Three Months Ended						Six Months Ended
			June 30,						June 30,
			2003			2002			2003			2002
			unaudited						unaudited
Revenue:
	License		$	32,669		$	26,997		$	67,113		$	52,129
	Service			35,508			26,975			68,101			52,441
		Total revenue		68,177			53,972			135,214			104,570
Cost of revenue:
	License			2,247			1,959			4,489			3,708
	Amortization of purchased intangibles			2,555			118			5,110			231
	Service			13,748			12,374			28,066			25,225
		Total cost of revenue		18,550			14,451			37,665			29,164
Gross profit				49,627			39,521			97,549			75,406
Operating expense:
	Sales and marketing			28,625			22,866			56,832			46,631
	Research and development			11,799			9,783			23,261			18,783
	General and administrative			7,432			6,233			14,874			12,134
	Restructuring costs			(20	)		1,043			11,979			1,043
	Amortization of purchased intangibles			605			75			1,211			149
		Total operating expense		48,441			40,000			108,157			78,740
Income (loss) from operations				1,186			(479	)		(10,608	)		(3,334	)
Interest income				1,428			1,301			2,773			1,905
Interest expense				(1,593	)		(1,521	)		(3,193	)		(1,570	)
Other income (expense), net				(121	)		23			(240	)		(88	)
Income (loss) before income taxes				900			(676	)		(11,268	)		(3,087	)
Provision for (benefit from) income taxes				325			(203	)		(6,884	)		(926	)
Net income (loss)			$	575		$	(473	)	$	(4,384	)	$	(2,161	)
Basic income (loss) per share			$	0.01		$	(0.01	)	$	(0.09	)	$	(0.05	)
Diluted income (loss) per share			$	0.01		$	(0.01	)	$	(0.09	)	$	(0.05	)
Shares used to compute income (loss) per share:
Basic				49,107			39,556			48,776			39,408
Diluted				52,164			39,556			48,776			39,408

* Certain prior year amounts have been reclassified to conform to current year’s presentation

Documentum, Inc.
Condensed Consolidated Statement of Operations
GAAP to Non-GAAP Reconciliation
(in thousands, except per share data)

			Three months ended June 30, 2003
						Non-GAAP
			GAAP			Adjustments			Non-GAAP
						unaudited
Revenue:
	License		$	32,669		$	—		$	32,669
	Service			35,508			—			35,508
		Total revenue		68,177			—			68,177
Cost of revenue:
	License			2,247			—			2,247
	Amortization of purchased intangibles			2,555			(2,555	)		—
	Service			13,748			(193	)*		13,555
		Total cost of revenue		18,550			(2,748	)		15,802
Gross profit				49,627			2,748			52,375
Operating expense:
	Sales and marketing			28,625			(318	)*		28,307
	Research and development			11,799			(318	)*		11,481
	General and administrative			7,432			(50	)*		7,382
	Restructuring costs			(20	)		20			—
	Amortization of purchased intangibles			605			(605	)		—
		Total operating expense		48,441			(1,271	)		47,170
Income from operations				1,186			4,019			5,205
Interest income				1,428			—			1,428
Interest expense				(1,593	)		—			(1,593	)
Other expense, net				(121	)		—			(121	)
Income before income taxes				900			4,019			4,919
Provision for income taxes				325			1,003			1,328
Net income			$	575		$	3,016		$	3,591
Basic income per share			$	0.01					$	0.07
Diluted income per share			$	0.01					$	0.07
Shares used to compute income per share
Basic				49,107						49,107
Diluted				52,164						52,164

* Represents amortization of deferred stock-based compensation

Documentum, Inc.
Condensed Consolidated Balance Sheet
(in thousands, unaudited)*

			June 30,		December 31,
			2003		2002
ASSETS
Current assets:
	Cash and cash equivalents		$	113,249	$	112,069
	Marketable securities			153,272		141,056
	Accounts receivable, net of allowances			51,532		50,803
	Other current assets			24,498		25,707
		Total current assets		342,551		329,635
Property and equipment, net				22,136		25,949
Goodwill				93,405		93,481
Identifiable purchased intangibles, net				18,256		24,818
Other assets				18,185		18,226
			$	494,533	$	492,109
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
	Accounts payable		$	4,509	$	2,782
	Accrued liabilities			43,956		71,472
	Deferred revenue			45,489		37,463
	Current portion of capital lease obligation			25		48
		Total current liabilities		93,979		111,765
Long-term convertible debt				125,000		125,000
Other long-term liabilities				7,234		109
		Total liabilities		226,213		236,874
Stockholders’ equity				268,320		255,235
			$	494,533	$	492,109

* Certain prior year balances have been reclassified to conform to current year’s presentation