Thriving Autonomy snaps up Interwoven

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Autonomy is bucking the trend in a climate where few deals are being done. It will pay about $775 million (£563.9 million) for Interwoven, funding the deal through a share placing.

"This was a logical fit for us," chief executive Mike Lynch said. "We already provide much of the software used by big corporations to manage data involving regulatory issues and a tie-up with the software used at the big law firms is obviously attractive." Lynch added that growing litigation, due in part to the economic downturn, meant that demand was growing.

"Unfortunately, this is an area which is increasing, and this deal puts us inside law firms," he said.

Autonomy unveiled stellar figures yesterday, with profits doubling to a record $51.4 million (£37 million) in the fourth quarter.

"That's put us in the position to do deals like this," Lynch said.

Interwoven has more than 4600 customers worldwide, including 1200 of the top law firms.