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But it would be difficult - even for combatif Lynch - pretending that Marc Geall does not include the group that helps companies find and organize information "unstructured" such as e-mails and telephone calls.

The fact is that Deutsche Bank analyst was on the payroll autonomy in running a niche software group juin.Initialement divisions for a few years prior to being appointed head of investor relations and strategy business last year.

That is why 26-page memorandum from Geall self-government is so interesting. While the Geall goes his way at the beginning of his note to point out that autonomy was a 'single product"that"dominate", his dissection of the group management and the business model is overwhelming.

"The structure management, control and autonomy systems are more representative of a start-up as a major global player," he wrote."Senior management team is talented, but lack of bandwidth." This can lead to paralysis of decision as middle management is sometimes limited in its autonomy. ?

"Autonomy still manages a very flat structure with a chain of command tight in the CEO and CFO," he added later. "Although they managed this effective structure to this day, we believe that the undertaking becomes too big and time now became a factor limiting."It y after all only 24 hours in the day and 90 days per quarter."

But it is not just senior management at vouloir.Force sale of autonomy are of "hunters of do farmers" Geall and poorly prepared for the inevitable transition to shoot accounts management autonomy and the number of customers "recidivists" increases.

The Geall critical business model may not use such as colorful as his comments on management - language but it is also percutantes.Structure margin of autonomy is too high, he says, and the "the investment in the company has offset revenue...""[which] may affect the satisfaction of the customer to the product and the value that it delivers."

In particular, he warned, service business of autonomy is "too thin" and it "risks to the standards required by customers.

All of which prompts Geall asked if autonomy must change its business - model "traditionally, software companies would change their business to approximately 1 billion models $ income."

Shares of autonomy fell for the fifth consecutive day yesterday, at the rear of the Deutsche note (one of a number of downgrades in the last week) at the end of the day is 41% to ￡ 14.44.

Shares have fallen now 22pc since independence warned last week that full-year earnings would be below market expectations.

When the shares closed at ￡ 15.51 last Wednesday, Lynch said: "it will be much more interesting to look at where the stock price is in a week".

Entirely.

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