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Autonomy to Acquire Key Iron Mountain Digital Assets
Autonomy’s Cloud Platform to Expand to 25 Petabytes of Customer Data, Allowing Thousands of New Customers Access to Autonomy’s Advanced Technology
Cambridge, England and San Francisco, CA, May 16, 2011 –/BackupReview.info/– Autonomy Corporation plc (LSE: AU. or AU.L), a global leader in infrastructure software, and Iron Mountain Incorporated (NYSE: IRM), the information management company, today announced a definitive agreement for Autonomy to acquire selected key assets of Iron Mountain’s digital division including archiving, eDiscovery and online backup. For customers, this means access to Autonomy’s advanced technology for information governance in secure, private clouds in data centers around the world.
“We are pleased to announce this transaction, one we have been looking at for some time, which will bring significant advancements for customers,” commented Dr. Mike Lynch, Group CEO of Autonomy. “Processing customer data in the cloud continues to be a strategic part of Autonomy’s information governance business. We look forward to extending regulatory compliance, legal discovery and analytics to a host of new customers as well as enabling the intelligent collection and processing of non-regulatory data from distributed servers, PCs and especially tens of millions of mobile devices. This will afford the opportunity to bring to these customers the power of IDOL’s meaning-based technology.”
Dr. Lynch continued, “In 2007 we correctly predicted the merging of regulatory archiving and search, and we believe we are now seeing the next phase where the convergence of regulatory archiving, back-up and data restoration with operational processing of data in the cloud is coming to pass. This acquisition makes Autonomy the cloud platform of choice, processing and understanding 25 petabytes of customer information. IDOL will allow significantly more value, analytical insight and return to be generated for our customers from this cloud platform. This places Autonomy at the centre of the changes in the analytics of unstructured data, processing in the cloud-based platforms and desktop virtualization.
We’ve had the opportunity to buy strong assets at an attractive valuation, and through the application of our intelligent IDOL dark server technology will greatly increase the efficiency of this offering. Whilst others may be creating roadmaps around virtualizing the enterprise and processing information in the cloud, Autonomy is already doing it in the world’s largest private cloud platform.”
Timetable and Financial
A teleconference call to discuss the transaction will be hosted at 10:00a.m. BST on 16 May 2011. The call will be available live via webcast over the World Wide Web. To access the live webcast, investors are directed towards the investor relations section of Autonomy’s website, http://www.autonomy.com/. Investors should go to the website approximately 15 minutes prior to the start time of the call to register.
Autonomy’s customer base is comprised of more than 20,000 global companies, law firms and federal agencies including: AOL, BAE Systems, BBC, Bloomberg, Boeing, Citigroup, Coca Cola, Deutsche Bank, DLA Piper, Ericsson, FedEx, Ford, GlaxoSmithKline, Lloyds Banking Group, NASA, NestlÃ©, the New York Stock Exchange, Reuters, Shell, Tesco, T-Mobile, the U.S. Department of Energy, the U.S. Department of Homeland Security and the U.S. Securities and Exchange Commission. More than 400 companies OEM Autonomy technology, including Symantec, Citrix, HP, Novell, Oracle, Sybase and TIBCO. The company has offices worldwide. Please visit www.autonomy.com to find out more.
Autonomy and the Autonomy logo are registered trademarks or trademarks of Autonomy Corporation plc. All other trademarks are the property of their respective owners.
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Press Release from Iron Mountain:
Iron Mountain Continues to Advance Its Strategic Agenda by Signing Definitive Agreement to Sell Certain Digital Solutions
Boston, MA, May 16, 2011 –/BackupReview.info/– Iron Mountain Incorporated (NYSE: IRM), the information management company, continued to advance its strategic agenda with todayâ€™s announcement that it has entered into a definitive agreement with Autonomy Corporation plc (LSE: AU. or AU.L) under which Autonomy will acquire Iron Mountainâ€™s online backup & recovery, digital archiving and eDiscovery solutions for $380 million in cash. The acquisition is subject to regulatory review and customary closing conditions and is expected to close within approximately 45 to 60 days.
â€œThis transaction is another significant step in delivering on the commitments we made in our three-year strategic plan announced in April and we are very pleased with the outcome of this process,â€ said Richard Reese, Iron Mountainâ€™s Executive Chairman and Chief Executive Officer. â€œAutonomy is a global leader in infrastructure software for the enterprise assuring that our customers will be well serviced and our employees will have greater opportunities. This was the right transaction at the right time for our customers, our employees and our shareholders. As we move forward, Iron Mountain will continue to deliver technology services to solve our customersâ€™ digital information management challenges through partnerships.â€
Iron Mountain first entered the digital business 10 years ago as a natural extension of its core services to address a clear customer need. Recently the digital business faced a number of challenges resulting from a rapidly changing environment. In light of these factors, the Company undertook a strategic review of the digital business beginning last fall and concluded that it could not continue investing in technology development and meet its return requirements and that exploring strategic alternatives for the digital business was in the best interest of Iron Mountainâ€™s stockholders.
Iron Mountain is not revisiting its full year 2011 guidance, last updated on April 28, 2011, at this time. The Company will update its guidance on its second quarter earnings conference call as appropriate. The Company will retain its software escrow business, which is currently included in its Worldwide Digital Business segment, and other technology services such as its Digital Record Centers for Images and Medical Images.
J.P. Morgan Securities LLC and Morgan Stanley & Co. Incorporated are serving as lead and co-financial advisors, respectively, and Weil, Gotshal & Manges LLP and Sullivan & Worcester LLP are serving as legal advisors to Iron
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