24 July 2016
Find out more

HP agrees £7bn Autonomy acquisition

19 August 2011  |  5699 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)

Finextra news in your inbox

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

Related stories

Multi-million dollar FSA deal fails to arrest Autonomy slide

Multi-million dollar FSA deal fails to arrest Autonomy slide

13 October 2010  |  5484 views  |  0 comments
Autonomy agrees blockbuster deal to acquire Interwoven

Autonomy agrees blockbuster deal to acquire Interwoven

22 January 2009  |  5189 views  |  0 comments
Autonomy reports Merrill Lynch deal; raises outlook

Autonomy reports Merrill Lynch deal; raises outlook

11 October 2006  |  5131 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Find out moreVisit VocaLink.comVisit www.abe-eba.eu

Top topics

Most viewed Most shared
MasterCard agrees £700m VocaLink acquisitionMasterCard agrees £700m VocaLink acqu...
8294 views 14 comments | 32 tweets | 37 linkedin
hands typing furiouslyBanking on IoT: Security in the Internet o...
7972 views 3 | 19 tweets | 7 linkedin
hands typing furiouslyWhat Every FinTech CEO Should Know About R...
7936 views 0 | 14 tweets | 8 linkedin
satelliteContactless Bitcoin startup Plutus Tap &am...
7859 views comments | 6 tweets | 3 linkedin
Santander doubles down on fintech fundSantander doubles down on fintech fund
7646 views comments | 22 tweets | 28 linkedin

Featured job


Brussels (Belgium) or Paris (France)

Find your next job