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HP to acquire Autonomy |
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HP and Autonomy Corporation plc have announced the details of a transaction recommmended to the owners of both companies by their respective managements, underwhich HP, through an indirect wholly-owned subsidiary HP SPV, will buy all outstanding shares of Autonomy for £25.50 ($42.11) per share in cash. The transaction was unanimously approved by the boards of directors of both companies, with Autonomy's board of directors unanimously recommending to shareholders accept the offer.  Founded in 1996, Autonomy provides infrastructure software for the enterprise. The company has a customer base of over 25,000 global companies, law firms and public sector agencies, and approximately 2,700 employees worldwide. Autonomy’s Intelligent Data Operating Layer (IDOL) platform is the de-facto standard among more than 400 OEMs, supported by substantial intellectual property. The company is a cloud player with over 30 petabytes of customer information under management. Over the last five years, Autonomy's revenues have grown at a compound annual growth rate (CAGR) of approximately 55 percent. Léo Apotheker, HP president and CEO, said, “Autonomy presents an opportunity to accelerate our strategic vision to decisively and profitably lead a large and growing space.” He said Autonomy brings higher value business solutions that will help HP's customers manage “the explosion of information”. Terming it a “momentous day in Autonomy’s history,” Autonomy's founder and CEO Dr. Mike Lynch, said HP shares the company's vision and will provide it the platform to bring its technology and innovation to “a truly global stage, making the shift to a future age of the information economy a reality.” The acquisition, HP said, would position it as a leader in a vast and growing space, while complementing its existing technology portfolio and enterprise strategy. It will also provide differentiated IP for services and extensive vertical capabilities in key industries, including extensive capabilities in key industries such as government, financial services, legal, pharmaceutical and healthcare. HP also said the transaction woujld add to its financial profile and would be accretive to its non-GAAP earnings following the first year. Dr. Lynch would continue to lead Autonomy, reporting to Apotheker, while operating separately following the acquisition. The transaction will be implemented as a takeover offer extended to all shareholders of Autonomy and is expected to be completed by the end of calendar 2011. |
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