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Europe Losing Autonomy to HP Signals Software Boom as SAP May Be Targeted Local news.

HP is paying about 24 times take before interest, taxes, depreciation and amortization, a multiple that was finish matched by ’s purchase of Peoplesoft Inc. in 2003, according to matter on comparable deals compiled by Bloomberg. is seen as both a workable target, for or , and as a credible buyer, of companies such as Software AG and , analysts said. As businesses aim to streamline IT departments, they’ve been sensitive to spending more on software that makes effective use of their hardware, resulting in reduced spending on true infrastructure.

Meanwhile, consumers are spending less on familiar computers centre of a growing hawk for troche PCs. "Simply put, metal goods stinks and software is nirvana," said Sebastien Thevoux-Chabuel, an analyst at Oddo Securities. "The deal is a great refresher than software is the most critical rank in the IT market.

" HP Chief Executive Officer came from SAP, the world’s largest maker of business-management software, based in Walldorf, Germany. SAP, which is 23.7 percent owned by founders including Chairman , could be a target, Theovoux-Chabuel said. ‘Strategic Asset’ "With some founders predisposed in selling their stakes at a shapely price, SAP remains one of the most crucial assets for Microsoft or IBM from an M&A standpoint," he said.

At a alike valuation to that which HP is paying for Cambridge, England-based Autonomy, SAP would expense about 100 euros per percentage compared with about 34 euros, Theovoux-Chabuel said. He has a "buy" rating and 48 euros fee aim on SAP. "We are in a very odoriferous placing with our portfolio and invention blueprint to last to develop organically or through tuck-in acquisitions that introduce value to our customers," spokesman Christoph Liedtke said in a on the blower interview. SAP closed unchanged at 34.26 euros in trading.

Josep Bori, an analyst at Exane BNP Paribas in , said that for SAP the HP-Autonomy deal is a "missed opportunity." "This deal may revivify the attractiveness of long- rumored SAP targets and Temenos," Bori said in an e-mail. He rates Software AG "outperform" with a 47 euros payment end and Temenos "outperform" with a 23-euro target. The Bloomberg EMEA Software Index jumped 5.4 percent today, the biggest growth since March 2009, led by Autonomy, which surged 72 percent to wind up at 24.52 pounds in London.

CEO Mike Lynch, who founded the Cambridge, England-based Autonomy in 1996, owns 8 percent of the company’s stock, according to Bloomberg data. At today's closing price, Lynch’s 19.8 million shares of Autonomy are advantage 485 million pounds, or $780 million.

Lynch, speaking in a June interview, said U.K. software companies are cheaper than their U.S. counterparts. "If you seem at the numbers, then the U.K. software sector looks undervalued relevant to the U.S.," Lynch said at the time. Software AG rose 5.8 percent to 28.10 euros in Frankfurt, while Temenos climbed 5.4 percent to 14.55 euros in Zurich. , whose talks to be bought by hew through earlier this year, advanced 6.1 percent to 249 pence in London.

Software AG Software AG is non-objective in consolidating its own market, spokesman Otmar Winzig said in a buzz vetting today. "We are acquisitive," he said. The followers "wouldn’t contemplate a contrary takeover to employ with our going round shareholder structure," he said. Still, a "win-win situation" in which a deal would lift "the technology leadership," can’t be ruled out, Winzig said.

Another that may become a goal is , Rajeev Bahl, a London-based analyst at Matrix Corporate Capital LLP, said in an interview. Newbury, England-based Micro Focus is "supremely cheap," he said. , the U.K.’s biggest software maker, is more suitable to be a consumer than a object at the moment," he said.

"Tech is globally very cheap, the companies dismay unequivocally bucketloads of scratch off and the U.K is even cheaper," Tim Daniels, TMT strategist at Olivetree Securities, said in an interview. High Multiple Micro Focus advanced 3.5 percent to 263 pence in London, while Sage climbed 1.8 percent to 235.8 pence.

HP’s Autonomy come forward is 64 percent more than Autonomy’s tight-lipped yesterday and 24 times trailing Ebitda, compared with a median of 17 times Ebitda in 10 comparable deals, Bloomberg evidence show. "The timing is opposite and the takeover cost is by far too high," said Heinz Steffen, an analyst at Fairesearch GmbH & Co. in Kronberg,.

Apotheker should streamline HP’s coalition leading before making a big software acquisition, he said, specialty yesterday’s notification "desperate action" that may have resulted from compression from the market. "Our zero in on erection a fortunate software role has momentum," Apotheker said on a bull session justification yesterday. "We are focusing on what needs to be fixed, what needs to be secure down, and what needs to be considered for separation." Temenos spokeswoman Petra Shuttlewood didn’t without hesitation replacement a summon for comment.

David Shriver, a spokesman for Sage, and Clare Thomas, a spokeswoman for Micro Focus, declined to comment. A spokesman for ARM declined to comment.

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