Hi Joel;
That is a good question! We used to be able to license IM separately from Sybase. I "assume" that it's still the same under SAP. However, not having PB or IM in the official SAP Price Book may have lead to the product ending up in "limbo".
Maybe someone else who has purchased a license recently can confirm this. I have spoken with Appeon about IM and given them a demo in recent months. I have no idea though if SAP will include IM in the PB deal when Appeon takes over development of PB later this summer. Maybe someone at SAP can jump in here on this aspect.
Regards ... Chris