Hewlett-Packard, Palo Alto, Calif., has reached a deal to acquire Autonomy Corp., an information-management technologies provider that counts insurers, pharmaceutical companies and academic medical centers among its healthcare clients.
Hewlett-Packard to buy Autonomy
Under the terms of the cash deal, which is expected to close by year-end, Hewlett-Packard would acquire Autonomy for $42.11 per share, according to an HP news release. "Autonomy presents an opportunity to accelerate our strategic vision to decisively and profitably lead," a $20 billion enterprise information-management market, HP President and CEO Leo Apotheker said in the release.
Autonomy CEO Mike Lynch will continue to lead the business after the acquisition, according to HP. Based in Cambridge, England, Autonomy employs 2,700 workers and reported compound annual revenue growth of about 55% during the past five years. Autonomy's healthcare clients include Loma Linda (Calif.) University Medical Center, Merck, MetLife and University of North Texas Health Science Center at Fort Worth, according to the company's website.
HP also announced Thursday that it will explore strategic alternatives for its personal-computing group—including a possible spin-off of the group—as part of a plan to focus its resources on business clients.
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