Autonomy Corporation plc, a provider of intelligent software which automates the handling of information on the Internet and across the enterprise, plans to raise $140m for marketing, and establish a listing on the American exchange, Nasdaq. Autonomy floated on Easdaq in July 1998.
The company will issue new shares in a primary offer, to be completed by mid-May. In the year ending 31 December 1999 turnover was up 212 per cent to GBP 16.51 million, and gross profits increased 228 per cent.
Commenting on the results Mike Lynch, founder and chief executive, said: “Autonomy's business has seen dramatic growth over the last year. We continued to develop our core technology, expand our sales and marketing operations and move into new markets such as mobile commerce.
“Our OEM licensing strategy has taken off beyond expectations and now Autonomy’s technology provides the core infrastructure for software products from some of the world’s leading software companies, including, Sybase and FileNet.
“We also announced collaborations with companies such as SAIC and Razorfish as part of our strategy of scaling our business through a partnership approach, following on from similar announcements with PricewaterhouseCoopers and CSC.
“We look forward to continuing our work in building the business and reinforcing our leadership position as the software supplier which is enabling the new digital economy.”
Following the launch of its OEM product in June 1999, Autonomy now includes some of the world’s leading software companies amongst its customers. This licensing strategy has enabled Autonomy to simultaneously penetrate multiple markets and acquire market share through the efforts of its licensing partners. Relationships with OEMs are an important element in ensuring fast and broad geographic penetration of Autonomy’s technology. Autonomy built OEM relationships with the following in Q4 1999:
Autonomy made two significant board appointments in its efforts to strengthen its US presence. Ralph Harms was appointed as its new chief financial officer. Harms joined the company from Flycast Communications Corporation, a leading direct response Internet advertising network, where he was chief financial officer. He has an M.B.A. in Finance and Accounting from the University of Michigan and a degree in Electrical Engineering and Computer Science from Michigan State University.
Barry Ariko has been appointed a non-executive director. Ariko has recently been appointed CEO of Extricity Corporation, prior to which he was a senior vice president at America OnLine. He holds a Bachelor of Science Management degree from Golden Gate University in San Francisco.