HP closes deal, gains control of Autonomy
Monday October 3, 2011
Paul Poplawski

Hewlett-Packard said said today it has gained control of British software firm Autonomy.

HP settled on a 25.50 pounds-per-share offer, an investment of over 12 billion dollars, purchasing just over 87% of the company shares. With the deal, the result of a a number of surprise reforms announced by HP's Apotheker in August, HP gains 25,000 customer accounts and can pursue its plan to beef up its software unit. The deal has been the source of controversy, which was further fanned by HP's long rival, Oracle.

Larry Ellison, Oracle’s current CEO, states he had also been approached but had no interest in buying Autonomy at what he called an "absurdly high" price. Mike Lynch, current CEO of Autonomy, will continue to lead Autonomy as a separate business unit under the HP umbrella.

It is said HP is keeping open an offer to purchase the remaining shares of Autonomy.