08 February 2016

HP agrees £7bn Autonomy acquisition

19 August 2011  |  5600 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

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

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

Related company news

 

Top topics

Most viewed Most shared
Fintech rising: Resistance is futile, says...
10963 views comments | 48 tweets | 41 linkedin
Digital transformation driving earnings at...
9254 views comments | 45 tweets | 36 linkedin
ECB eyes up European P2P payments
7763 views comments | 28 tweets | 38 linkedin
Visa opens up to developers
7583 views comments | 23 tweets | 40 linkedin
It may take ten years, but blockchain tech...
6397 views comments | 20 tweets | 19 linkedin

Featured job


Brussels (Belgium) or Paris (France)

Find your next job