News of a large deal – expected to be worth $20m over the next few years - will no doubt help the already high flying Autonomy fly that bit higher. A global insurance company will license Autonomy’s IDOL product. The company has not been named, as is usual with Autonomy, but it joins a host of existing customers from the financial services sector who need to tame their vast data stores.
Autonomy is in a sweet spot of the market, as indicated by its most recent financials for Q1 of this year (see Autonomy’s cloud revenues hit 24%). At the time CEO Dr Mike Lynch said market estimates for the year (analysts estimated 12% growth over the year to $971m) were likely to be conservative. This deal will no doubt help things along. It is also an indicator that Autonomy is ramping up its deal sizes. As of the end of Q1 it had 27 seven-figure deals compared to 19 the previous year. That number has already increased. Big data needs intelligence handling, which is exactly Autonomy’s specialism.