I am in the process of evaluating software and sites that manage links so I can give you some information on what I've learned so far.
I haven't, as yet, found a site that manages links that would benefit me, as opposed to them. Most free link management sites require you link to them which, IMO, helps to create the appearance of a link farm. Some also "host" your link pages, which I feel is of no benefit to your link partners and can also create the appearance of a link farm for your partners.
There are also services that offer ready-made pages by category and you just copy and paste the info into your own template, or upload the pages as they provide them. The major problem with this is you get a lot of duplication across all the sites using their services, and a good chance of being tagged as a link farm.
There are services available that will get the links for you, create the page and either have you upload to your site, or upload for you. The standard fees I've seen for this run around $5 US per link. If you go this route, you want to be sure the quality of the incoming links are good, on topic, links; and no link farms are involved. You should keep your links under 100 per page (including any internal, navigation links you have on the page) so that all links get spidered. If you set rqquirements for them to follow, I wouldn't be surprised to see the fee per link increase as a result.
There is a lot of software available that can do link management for you and several I've tested work well, but I've found a couple problems with them also.
One popular program creates link pages with hidden comment tags with your keyphrase, something that can get you dropped by certain SE's. You can only modify the template if you purchase the PRO version but it doesn't seem good to me to pay almost $200 for software that you have to do extensive template revisions to remove spam from them.
Other software I've evaluated queries the SE's and I would think you have to be very careful using this feature so you don't violate any SE's directives on automated queries.
Software also offers the ability to auto email, again a nice feature to save time, but something you have to be very careful about. You should create your own personalized email as a lot of webmasters autodelete the "preformatted" email these programs have provided.
Any software with automated features would need to be used judiciously, not just for the reasons above, but because you could also be using the potential link partner site resources when you query on a site.
I realize I haven't provided any "recommendation" for a specific company, but that's because I haven't found one yet that covers all the basics and follows the "rules."
I can recommend that a search on Google for "link management" "reciprocal link software" and related phrases should bring up some good quality resource sites that have done in depth reviews of sites and software that offer this service.