The Work

May 16, 2011 6:17 PM

Weil, Morgan Lewis Advise on Software Deal

Posted by Claire Zillman

Correction and Update, 5/17/2011, 12:30 p.m. - Our original post misspelled the firm name Sullivan & Worcester and partner David Guadagnoli's name. We regret the errors. Also, we have added the names of the attorneys from Morgan Lewis representing Autonomy in the sixth paragraph below.

In a bid to boost its cloud computing offerings, Autonomy Corporation will buy three digital assets from Boston-based Iron Mountain, the world's largest document storage company.

Autonomy, an infrastructure software company, agreed to pay $380 million in cash to take over Iron Mountain's digital archiving, eDiscovery, and online back-up and recovery businesses in a deal announced Monday.

Iron Mountain said in April it would explore alternatives for its digital businesses—including a potential sale. It was one of several concessions the company made to satisfy the demands of activist shareholder Elliott Management Corporation and head off a proxy fight with the $17 billion hedge fund. Elliott Management suggested in March that Iron Mountain turn into a real estate investment trust to ensure more money for its shareholders. 

Advising Iron Mountain on matters related to the potential battle with Elliott were Weil, Gotshal & Manges and Boston's Sullivan & Worcester. Both firms represented Iron Mountain in its deal with Autonomy. 

Kevin Sullivan of Weil led on the deal, along with partners Michael Aiello, Michael Epstein, Helyn Goldstein, Michael Kam, Jeffrey Osterman, Annemargaret Connolly, Laura Wilkinson, Jonathan Wood, Arthur Baudry d'Asson, Romain Ferla, Thomas Schmid, and Henry Ong. Partners William Curry and David Guadagnoli took up the reins for Sullivan & Worcester. Iron Mountain's senior vice president and general counsel Garry Watzke was also on hand for the deal. 

Autonomy tapped Morgan, Lewis & Bockius and lead partner William Myers. He was joined on the deal by partners Rahul Kapoor, Bart Bassett, Andrew Gray, Zaitun Poonja, Harry Robins, Christopher Hitchins, and Stan Lechner

Autonomy said it serves more than 20,000 customers, including law firms, federal agencies, and global companies such as Citigroup, Coca Cola, GlaxoSmithKline, and DLA Piper. With the Iron Mountain deal, Autonomy said it will will increase its customer base by 6,000. 

Cambridge, England-based Autonomy said it expects to have $700 million in cash on hand for future acquisitions after completing the Iron Mountain transaction, according to its statement. Autonomy expects the purchased assets to have annual revenue of between $130 million and $140 million.

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