Search technology provider Autonomy Corp. plc has agreed to buy Verity Inc. for about $500 million in cash, the companies announced.
Search technology provider Autonomy Corp. plc has agreed to buy Verity Inc., which also provides site search technology, for about $500 million in cash, the companies announced.
Autonomy, based in Cambridge, England, said the acquisition will enable it to extend the use of its new Intelligent Data Operating Layer Server enterprise search tool for accessing unstructured data in e-commerce and other applications.
"This is a transformational acquisition for Autonomy,” said Mike Lynch, Group CEO of 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.”
Anthony J. Bettencourt, Verity’s chief executive officer, added: “By Verity uniting with Autonomy, our combined 16,000 customers will benefit from the blend of technology leadership and customer-facing strengths in sales, support and professional services, all under one corporate banner.”