Autonomy completes Interwoven deal – usual suspects safe
17 March… Autonomy today announced that it had completed the acquisition of legal sector DMS market leader Interwoven. Following the close of the transaction Anthony Bettencourt, formerly CEO of Verity at the time of its acquisition by Autonomy, will assume the role of divisional CEO of Autonomy Interwoven. Joe Cowan, formerly CEO of Interwoven, has joined Autonomy group management reporting directly to Autonomy's founder and group CEO Dr. Michael Lynch.
Autonomy’s Q1 results are expected to be announced in mid to late April 2009 when the company will provide an update on the progress of the integration of Interwoven. As at today’s date, Bloomberg consensus analysts’ estimates for stand alone Autonomy are revenues of $119.9 million with adjusted EPS of $0.14, and updated consensus analysts’ estimates for the period, including the contribution from Interwoven during the stub period under Autonomy’s ownership in the first quarter 2009 are revenues of $125-$128 million and EPS of $0.14 to $0.15.
Inevitably the acquisition has prompted rumours that some of Interwoven's UK and European people have been despatched in the direction of the nearest dole-queue. Our sources confirm there has been “a bit of a clear out of chaps who have duplicate roles as a result of the takeover.” These have mainly been in finance, HR, administration and marketing – the latter being on the Interwoven web side of the business, rather than the Worksite DMS side. However all the legal sales, partner managers, pre-sales, support, consultants, professional services and marketing team – lead by Geoff Hornsby in the UK – remain with the business.