The wording of the announcement had that familiar ring - "Autodesk Inc has acquired certain assets of HSMWorks...". The goal of the acquisition is simple - add NC-manufacturing software to Autodesk's manufacturing portfolio. Currently that portfolio consists of design, visualization, PDM/PLM, and simulation tools. But once the virtual prototyping has been done, the next step is ... build it. A logical extension for Autodesk.
Robert "Buzz" Kross, who runs the mechanical business at Autodesk was quoted, "Autodesk has a long history of making design and engineering technology more accessible, and we look forward to bringing HSMWorks’ CAM technology to a broader group of users."
As for moving CAM to a cloud-model, let's wait and hear more from Autodesk. In any case, important components of Autodesk's offer - PLM 360 and Simulation 360 - are already in the cloud which means that integration with these cloud services will be forthcoming at the very least.
Read more about Autodesk's cloud-based simulation plans.
Read the press release on Autodesk's acquisition of HSMWorks.