Mergers and Acquistions News
Categories: Media & Information Services
January 23rd 2009, 17:20PM
UK-based Autonomy has announced the acquisition of the US software makers Interwoven in a deal worth $775 million (£570 million).
The Cambridge-based firm will now incorporate its rival to form a bigger company with a customer base of 20,000.
Interwoven stockholders receive $16.20 a share - this represents a premium of 36.8 per cent from the share price listed on January 31st.
The acquisition will bring to Autonomy a leader in content management plus over 3,600 customers world wide.
Interwoven counts top law firms and nine out of BusinessWeeks’ top ten global brands among its customers.
The firm's chief executive Joe Cowan describes the two companies as "high performing", adding that their customers will benefit from their combination.
Group chief executive officer of Autonomy Dr Mike Lynch says: "We are very familiar with Interwoven, its product base and management team through our partnership and joint customers over the years and see this transaction as an exciting opportunity to extend the chain of Autonomy's solutions."
Autonomy was founded in 1996, growing out of technology developed at Cambridge University.
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