By Tony Hallett, 10 July 2003 07:15
NEWS Autonomy is to buy video software company Virage for $24.8m. The deal will see Autonomy's Intelligent Data Operating Layer (IDOL) be further used with data that is not only unstructured but not text-based. The UK company already counts the BBC and other broadcasters among its users and San Mateo, California-based Virage will bring customers including Bloomberg, CNN and non-media groups such as Coca Cola, the FBI, GE and Microsoft. The acquisition price includes Virage's cash, meaning in total Autonomy will have to come up with $13.3m. Autonomy CEO Mike Lynch said combining Autonomy's Dremedia and other technology with Virage's offerings will help maximise users' return on investment from video and allow it to be more easily integrated with other enterprise infrastructure. The deal is expected to close late in the third quarter of this year. It will leave Autonomy with about $110m in the bank.
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