The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Autonomy Agrees to Buy Interwoven for US$775m

Originally appeared in MiFID Monitor

US-based EDM technology vendor Autonomy has agreed to buy legal document management system vendor Interwoven for US$775 million. According to Autonomy, the acquisition is aimed at strengthening its offering in the compliance technology sector.

The deal is expected to complete in the second quarter of this year and at that point, Interwoven shareholders will receive US$16.20 per share. The acquisition will enable Autonomy to extend its coverage from its current remit of electronic discovery, archiving and records management solutions to the legal and compliance sector.

Joe Cowan, Interwoven’s CEO, explains the driver behind the deal: “We believe customers will benefit from the combination of Autonomy’s industry leading technology with Interwoven’s unmatched position in our target markets.”

The EDM vendor, on the other hand, believes the combination will extend Autonomy’s legal and regulatory usage by top end customers and regulators. It also hopes that it will be able to extend its e-discovery marketplace into the practices of global law firms, creating a larger combined market. Autonomy expects to achieve synergies of around US$40 million a year by eliminating redundant administrative, marketing and other costs.

Given the intense regulatory scrutiny that is going on in the US market at the moment, it is unsurprising that vendors such as Autonomy are taking the decision to move into the compliance sector. IT budgets are being slashed across the board but regulatory compliance is one sector that is seeing an increase, as financial institutions attempt to mitigate risks and stave off regulatory fines.

Related content

WEBINAR

Upcoming Webinar: The post-Brexit UK sanctions regime – how to stay safe and compliant

Date: 11 March 2021 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes When the Brexit transition period came to an end on 31 December 2020, a new sanctions regime was introduced in the UK under legislation set out in the Sanctions and Anti-Money Laundering Act 2018 (aka the Sanctions Act). The...

BLOG

Time for Financial Institutions to Take Back Control of Market Data Costs

By Yann Bloch, Vice President of Product Management at NeoXam. Brexit may be just around the corner, but it is market data spending that financial institutions are more interested in taking back control of right now. In fact, other than regulatory equivalence post the transition period, it is hard to think of a more prominent...

EVENT

RegTech Summit Virtual

The RegTech Summit Virtual is a global online event that will be held in June 2021 with an exceptional guest speaker line up of RegTech practitioners, regulators, start-ups and solution providers to collaborate and discuss innovative and effective approaches for building a better regulatory environment.

GUIDE

Regulatory Data Handbook 2020/2021 – Eighth Edition

This eighth edition of A-Team Group’s Regulatory Data Handbook is a ‘must-have’ for capital markets participants during this period of unprecedented change. Available free of charge, it profiles every regulation that impacts capital markets data management practices giving you: A detailed overview of each regulation with key dates, data and data management implications, links to...