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.
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.”