'pure-play software company'
Did Mike Lynch write down that we are all software quote, and sign it in front of Automys legal dept?
Otherwise its just bollox.
Agree given how little Leo claims to actually remember, given what is in the 2010 report, I suggest Leo is misremembering the conversation.
The key paragraph, that clearly describes what Autonomy mean by a "software model", seems to be the Financial Model in the Business Overview:
Autonomy is one of the very rare examples of a pure software model.
Many software companies have a large percentage of revenues that stem
from professional services, because they have to do a lot of customisation
work on the product for every single implementation. In contrast, Autonomy
ships a standard product that requires little tailoring, with the necessary
implementation work carried out by approved partners such as IBM Global
Services, Accenture and others. This means that after the cost base has
been covered, for every extra dollar of revenue that comes in significant
benefits can fall straight through to the bottom line. What this offers is a
business model with a proven record of strong operating leverage and that
is expected to continue to deliver industry leading operating margins and
revenue to cash conversion.