Interwoven Announces Definitive Agreement to be Acquired by Autonomy

Global News

22
Jan
2009

Interwoven Customers to Benefit from Extension of Autonomy’s Meaning-Based Computing into Interwoven’s Product Offerings
Interwoven, Inc. (NASDAQ: IWOV), a global leader in content management solutions, today announced that it has entered into a definitive agreement to be acquired by Autonomy Corporation plc (LSE: AU. or AU.L), a global leader in infrastructure software, for $16.20 in cash per share for a total transaction value of approximately $775 million.

Interwoven’s products improve human interactions with information, and Autonomy’s technology will allow people to know what those human interactions mean. The combination of these two companies will redefine how global 2000 corporations, leading law firms, and government regulators will discover, analyze, and manage human friendly information.

“Interwoven and Autonomy are two high-performing companies that share the same vision for improving the way organizations understand and interact with information,” said Joe Cowan, Interwoven CEO. “We believe customers will benefit from the combination of Autonomy’s industry-leading technology with Interwoven’s unmatched position in our target markets. We are extremely excited with the unique possibilities for future product direction that will arise through the integration with Autonomy’s technology.”

“The combination of Autonomy and Interwoven, industry leaders in meaning-based computing and document and content management respectively, will continue the extension of Autonomy’s Intelligent Data Operating Layer (IDOL) – an information infrastructure that global 2000 companies standardize on to search and process over 1,000 data types,” said Dr. Mike Lynch, Group CEO of Autonomy. “Our past acquisitions have clearly demonstrated how Autonomy can quickly and effectively leverage the power of IDOL into new customer bases and to address new customer needs, and we see great opportunities for continued innovation and development of the Interwoven product offerings. We are very familiar with Interwoven, its product base and management team through our joint customers and partnerships over the years and see this transaction as an exciting opportunity to extend the chain of Autonomy’s solutions.”

Under the terms of the agreement, Interwoven will be acquired by Autonomy for $16.20 per share, in cash, or approximately $775 million in the aggregate. The directors and certain executive officers of Autonomy and Interwoven have agreed to vote the shares they own in favor of the acquisition. The transaction is expected to close by Q2 2009 and is subject to shareholder approval by both companies, Hart-Scott-Rodino antitrust clearance, and other closing conditions.