HP buys into Cloud with £7bn acquisition
Hewlett Packard is the latest hardware firm to make the move into the Cloud following the acquisition of UK-based software company, Autonomy, for £7bn.
The deal sees HP acquire all outstanding shares for £25.50 each, cash and is yet another step away from the hardware for which it is best known. And while some commentators have suggested that HP have overpaid, Hewlett-Packard’s Chief Executive Officer, Leo Apotheker, was quick to back-up the decision.
Commenting in a press statement, he said: “We’re buying a very strong business. We believe we can extract a lot more from Autonomy by combining it with Hewlett-Packard. That’s the rationale for the price.”
Autonomy’s co-founders, Mike Lynch and Richard Gaunt, added: “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. HP shares this vision and provides Autonomy with the platform to bring our world-leading technology and innovation to a truly global stage, making the shift to a future age of the information economy a reality.”
Cambridge-based Autonomy, which launched in 1996, has become a global leader in infrastructure software with a customer base of more than 25,000 global companies, law firms and public sector agencies. HP's new acquisition is the latest in a series of moves away from the hardware market towards software and infrastructure delivery.