Exhibit 99.2

FOR IMMEDIATE RELEASE April 17, 2003

Documentum Public Relations Contact:
Bonnie Harris
B3 Communications
(415) 332-5816
bharris@b3communications.com Documentum Investor Relations Contact:
Patricia Menchaca
Documentum
(925) 600-5593
patm@documentum.com

DOCUMENTUM REPORTS RECORD REVENUE RESULTS
YEAR OVER YEAR TOTAL REVENUE GROWTH OF 32 PERCENT

— Exceeds Wall Street’s Highest Non-GAAP Earnings Per Share Estimate —

PLEASANTON, Calif. – April 17, 2003 - Documentum, Inc. (NASDAQ: DCTM), the leading provider of enterprise content management (ECM), today announced financial results for the first quarter ended March 31, 2003. Total revenue for the first quarter 2003 was $67.0 million, representing a 32 percent increase over the same period last year and a $1.0 million sequential increase over the fourth quarter of 2002. On a non-GAAP basis, diluted earnings per share for the first quarter 2003 were $0.06 as compared to a loss per share of $0.04 for the same period last year, and earnings per share of $0.12 in the fourth quarter of 2002. On a GAAP basis, loss per share for the first quarter 2003 was $0.10 as compared to a loss per share of $0.04 for the same period last year, and a loss per share of $0.03 in the fourth quarter of 2002.

The difference between GAAP and non-GAAP earnings per share primarily relates to a one-time restructuring charge of approximately $12 million as well as charges of approximately $4 million related to the amortization of certain intangible assets and deferred stock-based compensation.

On a non-GAAP basis, net income for the first quarter 2003 was $2.9 million as compared to net loss of $1.7 million for the same period last year, and net income of $5.2 million in the fourth quarter of 2002. On a GAAP basis, net loss for the first quarter 2003 was $5.0 million,

compared to a net loss of $1.7 million for the same period last year and a net loss of $1.1 million for the fourth quarter of 2002. A reconciliation of all non-GAAP and GAAP numbers is attached at the end of this news release.

“Today we are pleased to report record total revenue, record number of transactions, record number of new customers, and record deferred revenue — all within a seasonally challenging quarter as well as a difficult global economic and political environment. We believe this level of consistent performance clearly validates our position as the leader in Enterprise Content Management,” said Dave DeWalt, president and chief executive officer of Documentum.

DeWalt concluded, “We continue to execute on our strategy to expand the Documentum ECM Platform by bringing to market products that our customers can deploy today to achieve a rapid return on their investment. This quarter represents a clear example of that strategy with the on-time integration of eRoom and TrueArc technologies and we look forward to continued successes as a result of these acquisitions.”

Highlights

•     Five orders over $1 million

•     Record total revenue of $67 million

•     Record number of new customers – 107

•     Record number of transactions – 394 up 26 percent sequentially

•     Record deferred revenue of $48 million

•     Reported Non-GAAP EPS of $0.06 – above guidance and Wall Street estimates

•     Six year low Days Sales Outstanding of 58

•     First shipment of eRoom Enterprise, integrating eRoom’s market-leading collaboration product with the Documentum ECM platform – within 90 days of eRoom acquisition

•     First shipment of government certified Enterprise Records Management Edition and government certified Records Services for Email, both integrating TrueArc’s records management technology – within 90 days of TrueArc acquisition

•     Added 21 new partners – a mixture of service and technology providers – and continued to execute a partner strategy to go deep with key market makers in a continuous expansion of relationships with IBM Business Consulting Services, Fujitsu, Adobe, BEA and EMC... to name a few

•     Named Jeffrey Beir, formerly CEO of eRoom, to executive vice president of Worldwide Products organization

•     Launched Toronto Customer Support Center

•     Earned three awards at AIIM 2003: Best of Show, Best Enterprise Content Management Suite, and Best Practices with Corporate Express (NYSE: BUH)

First Quarter 2003 Results Conference Call and Webcast

Investors can listen to a teleconference of Documentum’s First Quarter financial results on Thursday, April 17, 2003, at 2:00 p.m. PDT (5:00 p.m. EDT) by calling 1-719-457-2727 (pass code 476398). The accompanying slide presentation (no audio) will be webcast simultaneous with the live teleconference at http://documentumevents.webex.com or 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 719-457-0820 (pass code 476398). A replay of the webcast may also be found on the company’s investor relations web page. Replays of the audio-only and webcast will be available for a limited time, beginning at approximately 6:00 p.m. PDT on April 18.

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.

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Documentum and the Documentum logo are trademarks or registered trademarks of Documentum, Inc. in the US 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 U.S.A.

In addition to historical information contained herein, this news release 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 momentum and continued expansion of its product offerings, diversification of its sales model, expanded global presence, increased market share, expanded revenue stream, increased cross-sell opportunities and strong execution. 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, political and other uncertainties caused or exacerbated by the current hostilities involving the United States and Iraq, the risk that the company will not be able to integrate its products, operations and business with acquired entities effectively, that the companies’ 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, as well as the company’s other filings with the Securities and Exchange Commission, which are available at www.sec.gov. 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
			March 31,
			2003			2002
Revenue:
	License		$	34,444		$	25,132
	Service			32,593			25,466
		Total revenue		67,037			50,598
Cost of revenue:
	License			2,242			1,749
	Amortization of purchased intangibles			2,555			113
	Service			14,318			12,851
		Total cost of revenue		19,115			14,713
Gross profit				47,922			35,885
Operating expense:
	Sales and marketing			28,207			23,765
	Research and development			11,462			9,000
	General and administrative			7,442			5,901
	Restructuring costs			11,999			—
	Amortization of purchased intangibles			606			74
		Total operating expense		59,716			38,740
Loss from operations				(11,794	)		(2,855	)
Interest and other income (expense), net				(374	)		444
Loss before income taxes				(12,168	)		(2,411	)
Benefit from income taxes				(7,209	)		(723	)
Net loss			$	(4,959	)	$	(1,688	)
Basic loss per share			$	(0.10	)	$	(0.04	)
Diluted loss per share			$	(0.10	)	$	(0.04	)
Shares used to compute loss per share
Basic				48,441			39,259
Diluted				48,441			39,259

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

			Three months ended March 31, 2003
						Non-GAAP
			GAAP			Adjustments			Non-GAAP
Revenue:
	License		$	34,444		$	—		$	34,444
	Service			32,593			—			32,593
		Total revenue		67,037			—			67,037
Cost of revenue:
	License			2,242			—			2,242
	Amortization of purchased intangibles			2,555			(2,555	)		—
	Service			14,318			(190	)*		14,128
		Total cost of revenue		19,115			(2,745	)		16,370
Gross profit				47,922			2,745			50,667
Operating expense:
	Sales and marketing			28,207			(316	)*		27,891
	Research and development			11,462			(328	)*		11,134
	General and administrative			7,442			(107	)*		7,335
	Restructuring costs			11,999			(11,999	)		—
	Amortization of purchased intangibles			606			(606	)		—
		Total operating expense		59,716			(13,356	)		46,360
Income (loss) from operations				(11,794	)		16,101			4,307
Interest and other expense, net				(374	)		—			(374	)
Income (loss) before income taxes				(12,168	)		16,101			3,933
Provision for (benefit from) income taxes				(7,209	)		8,271			1,062
Net income (loss)			$	(4,959	)	$	7,830		$	2,871
Basic income (loss) per share			$	(0.10	)				$	0.06
Diluted income (loss) per share			$	(0.10	)				$	0.06
Shares used to compute income (loss) per share
Basic				48,441						48,441
Diluted				48,441						50,881

* Represents amortization of deferred stock-based compensation

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

					March 31,		December 31,
					2003		2002
				ASSETS
Current assets:
	Cash and cash equivalents				$	120,174	$	112,069
	Marketable securities					142,647		141,056
	Accounts receivable, net of allowances					42,852		50,803
	Other current assets					23,774		25,707
		Total current assets				329,447		329,635
Property and equipment, net						23,718		25,949
Goodwill						93,290		93,481
Identifiable purchased intangibles						21,417		24,818
Other assets						18,564		18,226
					$	486,436	$	492,109
			LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
	Accounts payable				$	3,857	$	2,782
	Accrued liabilities					42,938		71,472
	Deferred revenue					48,244		37,463
	Current portion of capital lease obligation					37		48
		Total current liabilities				95,076		111,765
Long-term convertible debt						125,000		125,000
Other long-term liabilities						7,598		109
		Total liabilities				227,674		236,874
Stockholders’ equity						258,762		255,235
					$	486,436	$	492,109

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