HP completes Autonomy buyout

4 Oct 2011

Hewlett-Packard (HP) has completed the stg£7.8bn buyout of Autonomy Corporation.

Autonomy shareholders have accepted HP’s previously announced offer to purchase the entire share capital of Autonomy at stg£25.50 per share in cash, representing about 87.34pc of the current issued share capital of Autonomy. As such, all conditions relating to the offer have now been satisfied, allowing HP to acquire control of Autonomy.

The acquisition positions HP as a leader in the large and growing enterprise information management space.

Autonomy’s software offerings power more than 25,000 customer accounts worldwide and, as part of HP, will provide business solutions to help customers manage the explosion of unstructured and structured information.

Autonomy offers solutions that are complementary across HP’s enterprise offerings and strengthens the company’s data analytics, cloud, industry and workflow management capabilities.

“We are committed to helping our customers solve their toughest IT challenges. The exploding growth of unstructured and structured data and unlocking its value is the single largest opportunity for consumers, businesses and governments,” said Meg Whitman, HP president and CEO. “Autonomy significantly increases our capabilities to manage and extract meaning from that data to drive insight, foresight and better decision making.”

As previously announced, Autonomy will operate as a separate business unit. Dr Mike Lynch, the founder and chief executive officer of Autonomy, will continue to lead the Autonomy business and will report to Whitman.

“This is a historic day for Autonomy, our employees and the customers we serve, as we combine HP’s phenomenal assets and Autonomy’s specialised skills to produce systems that handle all the information in the enterprise, regardless of the format it is in,” said Lynch. “We are at the dawn of a new era when it is the ‘I’ in IT that is changing, not just the ‘T.’”