19 April 2014

HP agrees £7bn Autonomy acquisition

19 August 2011  |  5203 views  |  0 handshake

Shares in UK software house Autonomy soared 75% in morning trading on news of its planned £7 billion takeover by Hewlett-Packard.

The Autonomy board is recommending the HP offer of £25.50 in cash a share, a premium of around 64% on yesterday's closing price.

Founded in 1996 by Mike Lynch, Cambridge-headquartered Autonomy provides software for "unstructured" searches, helping companies "derive meaning and value from their information".

Among its customers are a raft of the world's biggest financial services firms, including Citi, Deutsche Bank, Lloyds and the New York stock Exchange.

Lynch will continue to lead the business, which will operate as a separate unit, from Cambridge and there are "currently no plans" for job cuts among its 2700 staff.

"From our foundation in 1996, we have been driven by one shared vision: to fundamentally change the IT industry by revolutionising the way people interact with information. Autonomy with the platform to bring our world-leading technology and innovation to a truly global stage, making the shift to a future age of the information economy a reality," says Lynch.

The deal signals a dramatic shift from hardware to software for HP, which is also giving up on mobile and tablets and could even ditch its personal computers division, either in a sale or spin-off.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Related blogs

Create a blog about this story (membership required)

Related stories

13 October, 2010
22 January, 2009
11 October, 2006

Related company news

 
Your browser is unable to support Flash files.

Featured job

Basic £150K Variable on target £150K
London based with substantial international travel

Find your next job