Business negotiations between HP and Autonomy completed
HP and Autonomy have completed their business negotiations.
Hewlett Packard (HP) may have used merger and acquisition consultants to help it complete a deal for Autonomy.
The agreement values the shares in the company at £25.50 each and HP will now take a 87.34 per cent stake in the group.
It means HP - which is headquartered in Palo Alto, California - now has a foothold in the ever-expanding enterprise information management space sector.
President and chief executive officer of the firm Meg Whitman stated: "Autonomy significantly increases our capabilities to manage and extract meaning from that data to drive insight, foresight and better decision making."
She continued by saying HP is "committed" to ensuring its customers can overcome any IT challenges they face.
Significant negotiation skill may have been used to secure a deal between the two parties and Autonomy founder Dr Mike Lynch has confirmed his company will continue to act as a separate business unit going forward.
Posted by Ron Maverick
Source: Hewlett Packard press release, October 3rd