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.
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