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Autonomy Corporation plc Announces Agreement to Acquire Verity, Inc.

    Online News published in DMReview.com
November 11, 2005

Autonomy Corporation plc, a leader in infrastructure software, and Verity, Inc., a leading provider of business search and process management software, announce that they have entered into a definitive agreement under which Autonomy will acquire Verity.

Under the terms of the Acquisition Agreement, it is proposed that Verity stockholders will receive $13.50 in cash for each outstanding Verity share, representing a premium of 30 percent to the closing share price of $10.37 on November 3, 2005 2005. Dr. Mike Lynch, Autonomy group CEO and co-founder, will continue as Chief Executive Officer of the expanded group. Anthony Bettencourt, CEO of Verity, will assume the position of CEO, Autonomy, Inc., the U.S. subsidiary of Autonomy. Stouffer Egan, current CEO, Autonomy, Inc., will move to Autonomy group and assume the position of Autonomy group Chief Strategy Officer.

The Transaction is expected to complete in late 2005 and is subject to Autonomy and Verity shareholder and regulatory approvals and other customary closing conditions.

Commenting on the Acquisition, Lynch said, "This is a transformational acquisition for Autonomy. The combination of Verity's core competencies within IDOL will extend the adoption of our Intelligent Data Operating Layer as the standard for handling all forms of unstructured information. We are bringing together two world-class companies that will substantially increase our scale and diversify our revenue streams. We believe the Acquisition will enable us to provide a significantly enhanced product offering to both companies' clients, whilst continuing to lead innovation in the industry. We are looking forward to working together with the extremely talented teams at Verity and offering all of our customers the benefits of automation."


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