East Anglia: Autonomy boss Mike Lynch to net �500m from H-P takeover
AUTONOMY, the technology company founded by Suffolk entrepreneur Mike Lynch, is to be taken over by US giant Hewlett-Packard, it was confirmed today.
The deal values Cambridge-based Autonomy at �7.1billion and will net its founder more than �500million for his 8% stake in the company.
Dr Lynch, who lives in rural east Suffolk and launched Autonomy in 1996, will continue to run the business, reporting directly to Hewlett-Packard (H-P) president and chief executive L�o Apotheker.
Autonomy, which has a workforce of around 2,700 people based in the UK and the US, develops software which enables organisations to maximise the benefit derived from the information they hold.
Its customers include a host of blue-chip companies in sectors including manufacturing, energy, communications, finance, online retailing and the media, as well as governmental organisations, including intelligence and defence agencies.
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The acquisition, which is backed by the Autonomy board but remains subject to shareholder approval, is part of a strategy by H-P to spin-off its hardware business in order to focus on software and IT services.
Dr 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.
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“H-P shares this vision and provides Autonomy with the platform to bring our world-leading technology and innovation to a truly global stage.”
L�o Apotheker added: “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.”