HP acquires Information Management Software for $10.3 billion
Hewlett Packard has acquired Autonomy Corp., a developer of information management and infrastructure software for $10.3 billion. HP and Autonomy directors have both approved the deal, which requires shareholder approval. HP said it expects to close the deal by the end of calendar 2011.
Autonomy's product portfolio has made it a major player in the market for cloud-based data management services. The company reported sales of $870 million for fiscal 2010 ended Dec. 31, up by 18 percent from $740 million in fiscal 2009.
HP CEO, Leo Apotheker claimed that Autonomy presents an opportunity to accelerate our strategic vision to decisively and profitably lead a large and growing space. Autonomy has an attractive business model, including a strong cloud based solution set, which is aligned with HPs efforts to improve our portfolio mix. "Together with Autonomy, we plan to reinvent how both unstructured and structured data is processed, analyzed, optimized, automated and protected. 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," he informs.
Autonomy brings to HP higher value business solutions that will help customers manage the explosion of information.
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