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Hewlett Packard makes acquistion offer for Autonomy

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By The Drum Team, Editorial

August 19, 2011 | 3 min read

Hewlett Packard has made an offer to buy Cambridge software company Autonomy.

The computer giant has proposed a deal for the company, which it values at around £7,091m.

Directors of Autonomy have recommended accepting the offer, and have already accepted to sell 9.12% of the existing share capital.

Hewlett Packard has said that the acquisition will allow it to expand its offering in the enterprise information software.

Autonomy CEO and Founder, Dr. Mike Lynch said: "This is a momentous day in Autonomy's history. 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. HP shares this vision and provides 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."

HP President and CEO, Léo Apotheker added: "Autonomy presents an opportunity to accelerate our strategic vision to decisively and profitably lead a large and growing space. Autonomy brings to HP higher value business solutions that will help customers manage the explosion of information. Together with Autonomy, we plan to reinvent how both structured and unstructured data is processed, analysed, optimised, automated and protected. Autonomy has an attractive business model, including a strong cloud based solution set, which is aligned with HP's efforts to improve our portfolio mix. We believe this bold action will squarely position HP in software and information to create the next-generation Information Platform, and thereby create significant value for our shareholders.

"Autonomy is a highly profitable and globally respected software company, with a well regarded management team and talented, dedicated employees. We look forward to partnering with a company who shares our commitment to solving customer problems by creating smart, cutting-edge products and solutions. I am particularly pleased that Dr. Mike Lynch, who heads up a team of brilliant scientists and employees, will continue to lead Autonomy. I look forward to our collaboration as we focus on creating maximum value for the combined company, its customers and employees," added Apotheker.

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