Hp Autonomy Acquisition

(NYSE: HPQ) today announced the acquisition of end point security start-up Bromium. Organizational ethics continues to be a serious issue in the US. Similarly, the ongoing news about the Hewlett-Packard Co's (HP) acquisition of Autonomy Corp. 8 billion writedown related to the firm. , a British software development company, were charged with multiple counts of wire fraud Thursday in connection to the 2011 acquisition of their company by. As we reported yesterday, Hewlett-Packard was apparently taken to the cleaners when it paid $10. 8 billion write-down isn't all Autonomy-related. HP used the income approach to measure the value of Autonomy, which is the focus of this study in accounting measurement challenges. Now, HP claims that Autonomy over-projected its sales deliberately before striking a deal with the company and thus HP ended up overpaying for the company. The case stems from Hewlett-Packard’s disastrous $11 billion (£8. Hewlett-Packard on Tuesday reported a $6. 50 per share, or about US$10. Apotheker and replaced him with Ms. Much has been said and written about HP's (NYSE:HPQ) acquisition of Autonomy since the global technology giant announced the rather unsettling $8. November 2012: Lex looks at the financial impact of Hewlett-Packard's decision to write down $8. HP is admitting today "serious. 8 billion write-down on Autonomy, a company it acquired last year for $11. The risks from this sin are obvious. LONDON — New details emerged on Tuesday in Hewlett-Packard's $5. 8 billion after writing down the value of its Autonomy software unit, which it said it's. HP used the income approach to measure the value of Autonomy, which is the focus of this study in accounting measurement challenges. June 2010. Autonomy's founder Mike Lynch has been involved in a battle of words over HP's allegations that its acquisition of Autonomy was riddled with accounting improprieties. HP is involved in a number of shareholder suits, relating to, among other things, its November announcement of the charge relating to its Autonomy acquisition, it said in the filing. Making sense of HP's Autonomy acquisition Unpicking the Autonomy acquisition reveals some interesting nuggets that better explain HP's decision to acquire. HP accused of ignoring evidence on ‘vastly overvalued’ acquisition while Autonomy founder denies financial impropriety Hewlett-Packard tried to pull out of its $11bn (£7bn) takeover of British software firm Autonomy before the deal closed, according to claims in a $1bn shareholder lawsuit brought against the US computer maker. Rather than admit to weakness in its own internal controls, HP laid the blame on. Shareholders of HP have been carrying out legal action for previously claiming that they acquired British based company Autonomy for $8. have now been satisfied, allowing HP to acquire control of Autonomy. Facebook acquisition of Oculus (2014) - $3 billion Hewlett-Packard (2012) acquisition of UK software maker Autonomy In August 2011, HP acquired Autonomy at a price of $ 11. The bitter battle to find who was at fault for the $5. 2 billion (£6. 3 billion acquisition of enterprise search company Autonomy, which HP alleges inflated its value through accounting tricks. 7 billion acquisition of Autonomy seemed like a bad idea long before Tuesday's allegations of an accounting scandal made clear it was a deal that should never have happened. HP's fourth-quarter earnings will reflect an $8. A spokesman for Apotheker said: "HP's acquisition of Autonomy had the full support of the HP board of directors, who endorsed it unanimously on the basis of thorough due diligence. (Oracle bought Endeca for $1. Hewlett-Packard Corp. In the end, HP wrote down $8. Hewlett-Packard Co. Shareholder Compl. Former HP CEO Leo Apotheker, the man who pursued the acquisition of Autonomy, also chimed in through the Journal, saying that he's "both stunned and disappointed to learn of Autonomy's alleged accounting improprieties" and that "the due diligence process was meticulous and thorough" with the assistance of "two of the world's largest and. HP’s acquisition of Autonomy had been designed to shift the business away from relatively low-margin hardware sales towards more profitable software sales. It had decided to abandon its tablet computer and was struggling with a decision about whether to exit its $40 billion-a-year personal computer (PC. HP announced a $8. 3 billion in 2011 has taken a new twist as U. The research study provides estimates for Content Collaboration Forecast till 2028*. In some parts of the City of London, a sense of disbelief greeted the news last year that Hewlett-Packard had agreed to pay $11bn for Autonomy, a British software company that had traded for half that value barely six months before. 1 billion - was seen as a key but uncertain piece of CEO Whitman's restructuring efforts. Until now, both entities have been engaged in a lawsuit to determine who was to blame for the write down. HP says that these improperly recorded hardware sales inflated Autonomy’s revenue by as much as 10 percent to 15 percent prior to its acquisition by HP. In November, HP took an $8. HP recorded a non-cash charge for the impairment of goodwill and intangible assets associated with the acquisition of Autonomy Corporation plc. 7 billion acquisition of Autonomy seemed like a bad idea long before Tuesday's allegations of an accounting scandal made clear it was a deal that should never have happened. 24, 2012 /PRNewswire/ -- ARMA International Conference and Expo -- Autonomy, an HP Company, today announced the industry's first and only integrated solution for automatically applying policy, based on meaning, to both structured and unstructured data, regardless of format or location within an organization. Firstly, it is not an $8bn dollar hole. 18 19 I Autonomy was founded by Defendant Michael R. HP dropped a bombshell last Tuesday with an $8. At the time, HP executives were desperate to transition the company to software. It’s Return on Average Assets is -10. 1 billion 2. Second and third quarter results, showed a serious. Hewlett-Packard Co said it would sue former Autonomy Chief Financial Officer Sushovan Hussain as he seeks to block HP's settlement of three shareholder lawsuits over its troubled purchase of the British software company. In it Lynch says that HP's executives have campaigned over a number of years to shift the responsibility for their failures in the acquisition and integration of Autonomy onto him. In November 2012, HP recorded a writedown of around $8. (Oracle bought Endeca for $1. Bromium's application and browser isolation technology stops attacks that other solutions miss. Contact Email [email protected] Companies such as WorldCom and Enron highlighted this issue and set into motion new laws governing accounting practices and other…. Acquisition – Securities Litigation. , and CAMBRIDGE, England, Aug. Hewlett-Packard's $9. Former HP chief executive Meg Whitman told a fraud trial in London on Thursday that the technology giant's $11 billion acquisition of Autonomy deteriorated because the founder of the British. Citing "serious accounting improprieties," Hewlett-Packard is taking an $8. The HP Autonomy Deal That Should Have Never Happened. HP wrote down the Autonomy purchase as a nearly $9 billion loss, sending HP's stock into a tailspin. Those allegations are that Autonomy engaged in accounting fraud that dramatically increased the perceived value of the firm, leading HP to. HP made the announcement during the latest hearing in its protracted and bitter legal dispute with Autonomy’s former executives. The lawsuit, one of the first to be filed by investors on the Autonomy mess, said HP hid the fact it gained control of Autonomy based on financial statements that could not be relied upon. stunned investors with news that it was writing down almost $9 billion of its $11. The ruling, from U. HP Autonomy Case Study. Hewlett-Packard (2012) acquisition of UK software maker Autonomy - $11. 's former financial chief guilty of falsifying financial statements and exaggerating the British software maker's value before its sale to Hewlett-Packard for $11. 5bn writedown incurred in 2011 at HP was given fresh fuel this week after the US group provided extra details of alleged accounting irregularities at Autonomy before its acquisition in 2011. 9 billion loss for its fiscal fourth quarter, and said it would take a charge of $8. 50 per share in cash. Details of how HP ran Autonomy between the completion of the acquisition in October 2011 and the write-down in November 2012 are extraordinary. SAN FRANCISCO (MarketWatch) — In November 2012, Hewlett-Packard Co. HP and Autonomy were not available to comment on the FBI probe, and the FBI declined to comment. 8 billion write off on the deal, saying that Autonomy cooked its books prior to the acquisition. " The upshot was that HP paid far too. San Francisco: A US judge on Friday granted preliminary approval to Hewlett-Packard Co`s settlement of shareholder litigation involving the information technology company`s botched acquisition of Autonomy Plc. But HP’s value has dropped from $61 billion at the time it announced the Autonomy acquisition to $25 billion today, a drop of almost 60 percent. The acquisition went ahead and quickly turned disastrous. 1m in forfeiture. 5bn writedown incurred in 2011 at HP was given fresh fuel this week after the US group provided extra details of alleged accounting irregularities at Autonomy before its acquisition in 2011. HP's acquisition of Autonomy had been designed to shift the business away from relatively low-margin hardware sales towards more profitable software sales. 1 billion in 2011. Autonomy, as HP tells it, was selling some hardware at a loss. “They pretty much gave up on those. PLC for $10. 1 billion acquisition of British software company Autonomy Corp, according to a. Also covers methods of monitoring, assessing, and auditing compliance and security. Hewlett-Packard, well known for its computer hardware, thought the synergies it could have with Autonomy coupled with its brand recognition would give it a strong presence in the software market. 1 billion 2. Hewlett-Packard Co. Hewlett-Packard carried out only six hours of due diligence on the finances of the British software company Autonomy before buying it for £8bn, in a deal that ended in disaster and a $5bn (£3. Hewlett-Packard Co said it would sue former Autonomy Chief Financial Officer Sushovan Hussain as he seeks to block HP's settlement of three shareholder lawsuits over its troubled purchase of the British software company. On August 18, 2011, Hewlett Packard, under the leadership of then-CEO Léo Apotheker, announced a friendly acquisition of U. 1 billion 2. 24, 2012 /PRNewswire/ -- ARMA International Conference and Expo -- Autonomy, an HP Company, today announced the industry's first and only integrated solution for automatically applying policy, based on meaning, to both structured and unstructured data, regardless of format or location within an organization. "Can HP really state that no part of the $5 billion write down was, or should be, attributed to HP’s operational and financial mismanagement of Autonomy since the acquisition?" Lynch said in the. H-P- Autonomy Acquisition Case Study You are a forensic accountant who has been engaged by your client, Magical. 3 billion, HP said in a regulatory filing. Further, share overpricing, goodwill write-offs, and subsequent acquisition intensity are closely related to each other (Gu and Lev 2011). The bitter battle to find who was at fault for the $5. Shell has an ambitious plan to become a zero-emissions energy business by 2050. HP made the allegation that Autonomy had taken certain accounting actions which had artificially inflated the financial performance of the company. 3 billion acquisition of enterprise search company Autonomy last October came to a head today when the software company announced an $8. Hewlett-Packard announced the acquisition of Autonomy, which focuses on so-called intelligent search and data analysis, on Aug. (Oracle bought Endeca for $1. Hewlett-Packard CEO Leo Apotheker is in such a hurry to build a software business, he's bidding $10 billion for Autonomy to gain roughly $1 billion in annual software revenue. HP and Autonomy were not available to comment on the FBI probe, and the FBI declined to comment. While the matter is still part of an ongoing civil court action, and the Autonomy management. A year after HP paid $11. The charges relate to the 2011 acquisition of software firm Autonomy by tech giant Hewlett Packard (HP). HP dropped a bombshell last Tuesday with an US$8. HP says about $5 billion of that charge stemmed from. 7 billion -- remains a key but uncertain piece of CEO Whitman's restructuring efforts. Until now, both entities have been engaged in a lawsuit to determine who was to blame for the write down. The revelation Tuesday that Hewlett-Packard is writing down $8. 3 billion bet on semantic-search company Autonomy, then-CEO Leo Apotheker's bold plan was to create a new kind of enterprise search. Similarly, the ongoing news about the Hewlett-Packard Co's (HP) acquisition of Autonomy Corp. Breyer had written that the last deal may not have been. 4 billion) “impairment charge” in November 2012, with over $5 billion (€3. At the time, HP executives were desperate to transition the company to software. Former HP chief Leo Apotheker announced the Autonomy acquisition in August 2011 as part of a strategic shift into software and cloud computing, and also floated the idea of a spinoff of its PC unit. The Autonomy purchase was critical to former HP CEO Léo Apotheker’s plan to shift the PCs-and-printers company’s focus toward software. 8 billion writedown related to the firm. “[E]xhausted by [abundant] infighting,” as one HP director put it, the board took the unusual action of unanimously picking Apotheker in September 2010 even though a majority of members had not met the man. According to a Bloomberg report, HP is set to buy European infrastructure software company Autonomy for as much as $10 billion. 8 billion write-down to. Hewlett-Packard Co and attorneys representing shareholders have agreed to settle litigation over its troubled $11. In the case of its acquisition of Autonomy, HP failed to conduct basic financial analysis and due diligence. 24, 2012 /PRNewswire/ -- ARMA International Conference and Expo -- Autonomy, an HP Company, today announced the industry's first and only integrated solution for automatically applying policy, based on meaning, to both structured and unstructured data, regardless of format or location within an organization. (NYSE: HPQ) reported fourth-quarter results below estimates and announced an even bigger writedown than expected. Outraged. software company Autonomy before it acquired the firm in 2011. 8 billion write-off in its Q3 2012 results. As we reported yesterday, Hewlett-Packard was apparently taken to the cleaners when it paid $10. 8 billion writedown in November 2012, just over one year after buying Autonomy, and linked more than $5 billion to accounting fraud and inflated financials by Autonomy executives. Executives at Hewlett-Packard and Autonomy have been wrangling over who's to blame for the 2012 write down over the acquisition. HP was misled into substantially overvaluing Autonomy when it acquired the software firm last year, the company revealed while disclosing its quarterly earnings today. Consider these facts. It claimed that it paid more money than it should have when it bought Autonomy in 2011 as a result of "serious accounting improprieties, disclosure failures and outright misrepresentations at Autonomy". 7 billion acquisition of Autonomy seemed like a bad idea long before Tuesday's allegations of an accounting scandal made clear it was a deal that should never have happened. DOJ filed criminal charges against ex-Autonomy CEO Mike Lynch over alleged financial misrepresentations related to 2011 acquisition by HP. 8 billion dollar impairment in the following year due to the alleged fraudulent accounting practices of Autonomy's former. HP’s acquisition of Autonomy had been designed to shift the business away from relatively low-margin hardware sales towards more profitable software sales. Facebook acquisition of Oculus (2014) - $3 billion Hewlett-Packard (2012) acquisition of UK software maker Autonomy In August 2011, HP acquired Autonomy at a price of $ 11. HP dropped a bombshell last Tuesday with an $8. In some parts of the City of London, a sense of disbelief greeted the news last year that Hewlett-Packard had agreed to pay $11bn for Autonomy, a British software company that had traded for half that value barely six months before. Hewlett-Packard this morning asserted that there were substantial instances of financial fraud in connection with its acquisition of the software company Autonomy in 2011 for $11. HP expects the acquisition to be completed by the end of 2011. , the lead plaintiff in a securities class action lawsuit arising from HP’s acquisition of British software company Autonomy Corporation Plc in 2011. 24, 2012 /PRNewswire/ -- ARMA International Conference and Expo -- Autonomy, an HP Company, today announced the industry's first and only integrated solution for automatically applying policy, based on meaning, to both structured and unstructured data, regardless of format or location within an organization. He has since faced lawsuits in the U. 1 billion in 2011. But the die appears to have been cast when HP tapped Léo Apotheker as its chief executive officer. Please pardon my French - but sh*t has certainly hit the fan in HP's acquisition of Autonomy. 8 Billion – losses that amount to 37. The ongoing dispute over HP’s colossal 2011 deal to buy British tech firm Autonomy for $11bn is set to rumble on, with news that the former company will sue the UK arm of accounting giant Deloitte. -based software company had accounting irregularities and that Hewlett-Packard was the victim of fraud by Autonomy management. In those cases, the customer would agree to help Autonomy market its product and, in those cases, the losses were recorded as marketing expenses. The case stems from Hewlett-Packard’s disastrous $11 billion (£8. Hewlett-Packard purchased Autonomy in 2011 for $11. HP announced on Monday that it has followed through with its intentions to acquire Autonomy and has purchased the enterprise information technology firm for £25. HP (NYSE: HPQ) and Autonomy Corporation plc (LSE: AU. But overriding the CFO for what was clearly a very material acquisition was exceptional and I believe, at this scale, an unacceptable risk. While the case focuses on the accounting for mergers and acquisitions, it also provides for a variety of other discussion topics such as the effect of managerial incentives and CEO succession on a. HP hired KMPG to do due diligence on the acquisition of Autonomy, then their CEO failed to read the preliminary report (the CFO appears to have been fired for reading it and advising against the acquisition), then failed to wait for KPMG to complete their due diligence before signing on the dotted line with Autonomy. have now been satisfied, allowing HP to acquire control of Autonomy. " The upshot was that HP paid far too. In September 2011, before the Autonomy acquisition was even completed, HP fired Mr. , a British software development company, were charged with multiple counts of wire fraud Thursday in connection to the 2011 acquisition of their company by. 7 billion -- remains a key but uncertain piece of CEO Whitman's restructuring efforts. "HP now believes that Autonomy was substantially overvalued at the time of its acquisition due to the misstatement of Autonomy's financial performance, including its revenue, core growth rate and. For instance, “Chief Financial Officer Cathie Lesjak said an acquisition would batter H-P’s balance sheet, using up its cash and incurring debt, said people familiar with the conversations. HP wanted to buy and buy big and fast. PLC, the lead. Autonomy was the flagship deal of Apotheker’s term as CEO, meant to signal a shift by HP away from its hardware roots and into the more lucrative worlds of software, the cloud and big data. 3 billion agreement for HP to acquire all outstanding shares of Autonomy. This acquisition doubled the size of HP's software business to more than US$2 billion in annual revenue. 18, 2011, along with its decision to abandon its tablet computer and. Newly public documents show the company flailing after the Autonomy acquisition. HP acquired Autonomy in 2011 for $11 billion and just a year later wrote down the value of Autonomy by $8. " HP hit back, saying the ex-CFO "was one of the chief architects of the massive fraud on HP that precipitated. HP settles shareholder suit on Autonomy takeover Computer giant Hewlett-Packard said it has reached a settlement in a shareholder lawsuit over its 2011 acquisition of British software firm Autonomy. 5bn writedown incurred in 2011 at HP was given fresh fuel this week after the US group provided extra details of alleged accounting irregularities at Autonomy before its acquisition in 2011. 3 billion purchase of Autonomy was announced last year as HP attempted a radical shakeup under then-CEO Leo Apotheker. 3 billion, HP said in a regulatory filing. Hussain was found guilty of making false statements to investors about Autonomy’s performance, which led to HP writing down the value of its acquisition by $8. HP's senior management has also been closely involved with running Autonomy for the past year". DOJ filed criminal charges against ex-Autonomy CEO Mike Lynch over alleged financial misrepresentations related to 2011 acquisition by HP. The acquisition, which closed on 31 December, is the latest move by HII in expanding its capabilities in the unmanned domain. 8 billion write-off in its Q3 2012 results. HP and Autonomy were not available to comment on the FBI probe, and the FBI declined to comment. Autonomy was acquired by Hewlett-Packard (HP) in October 2011. 1 bn, which was 58% higher than Autonomy’s value at the time. 11 per share in cash, or a total value of $10. If you need assistance in filling out the employment application or require a reasonable accommodation while seeking employment, please e-mail [email protected] 4% after hours on news that an investor is suing the company over its acquisition of software maker Autonomy. " The upshot was that HP paid far too. Whitman's claims of pervasive accounting fraud have been vigorously denied by Autonomy's ex-CEO Mike Lynch, and derided by critics as a mask for HP's own faulty due diligence, gross over-payment and post-transaction mis. The risks from this sin are obvious. 8 billion, nearly 80% of the purchase price, due to serious accounting improprieties. It then allegedly turned around and booked those hardware sales as high-margin software sales. 8 Billion of the value of Autonomy and is struggling to reassert it's once dominate position in the industry. CHICAGO, Sept. Former HP chief executive Meg Whitman told a fraud trial in London on Thursday that the technology giant's $11 billion acquisition of Autonomy deteriorated because the founder of the British. Autonomy was acquired by Hewlett-Packard (HP) in October 2011. (NYSE: HPQ) reported fourth-quarter results below estimates and announced an even bigger writedown than expected. Hewlett-Packard entered into a settlement agreement with PGGM Vermogensbeheer B. L) today announced the terms of a recommended transaction under which HP (through an indirect wholly-owned subsidiary, HP SPV) will acquire all of the outstanding shares of Autonomy for £25. The company has now narrowed its focus to data centre software and hardware. As the parent company, HP said it was "Autonomy's accounting improprieties" at fault. Hewlett-Packard's $9. 1 billion - was seen as a key but uncertain piece of CEO Whitman's restructuring efforts. 1 billion and within one year wrote off $5 billion off the investment. Autonomy Corp. The bitter battle to find who was at fault for the $5. Hewlett-Packard entered into a settlement agreement with PGGM Vermogensbeheer B. Are there changes that you think Apple should make in its organizational architec Anal CLOSING CASE HP's Disastrous Acquisition of Autonomy In 2011, HP was churning on many fronts simul- taneously. Ironically, rather than being the architect of the Autonomy deal, Apotheker was initially lukewarm to it. 1 bn, which was 58% higher than Autonomy’s value at the time. HP announced plans to buy Autonomy for £7. Acquisition Strategy •Since 2003, Autonomy has successfully acquired 11 businesses with ~$600mm in cumulative LTM revenue •Autonomy's strategy has been to focus on specific markets in which IDOL can be substituted as the foundation for existing technologies and leveraged across customer environments. 1bn was written down by $8. The Autonomy Acquisition This litigation stems from HP's failed acquisition of Autonomy, which resulted in a write-down of 85% of the $11. HP wrote down Autonomy’s value by $8. Citing "serious accounting improprieties," Hewlett-Packard is taking an $8. Autonomy, as HP tells it, was selling some hardware at a loss. HP is a hardware and software company based in Palo Alto, California. At one point, people from HP and KPMG, HPs audit team in the acquisition of Autonomy, spoke by telephone with the Deloitte team. Hussain is trying to block the settlement, saying HP officials were wrongly absolved in the ill-fated acquisition of Autonomy for $11. The acquisition of Autonomy is expected to be completed by the. HP said Autonomy. Tech Companies / HP, Autonomy Acquisition: Is it Too Late Get Out? By Jessica Davis | Print Plenty of people responded with shock at HP's announcement of a deal to buy Autonomy for 11 times the company's revenues when even HP admitted Autonomy's addressable market growth was just 8 percent. 'Brit Bill Gates' was powerless to stop HP's Autonomy acquisition Mike Lynch didn't fall out of love with Hewlett-Packard, it was HP which didn't know what it wanted. The ruling, from U. 5bn writedown incurred in 2011 at HP was given fresh fuel this week after the US group provided extra details of alleged accounting irregularities at Autonomy before its acquisition in 2011. 9 billion, the deal represents a major monetary outlay that will leave the company's wallet significantly lighter than it has been for. But overriding the CFO for what was clearly a very material acquisition was exceptional and I believe, at this scale, an unacceptable risk. HP wanted to buy and buy big and fast. 8 billion writedown in November 2012, just over one year after buying Autonomy, and linked more than $5 billion to accounting fraud and inflated financials by Autonomy executives. Robison left HP the following month. HP's acquisition of Autonomy -- while clearly also an enterprise information management play -- puts the company in the ever bulkier line-up of enterprise players making bold investments in. SAN FRANCISCO (MarketWatch) — In November 2012, Hewlett-Packard Co. So good riddance. Investors in Hewlett-Packard have filed a lawsuit against the firm, claiming that its acquisition of British software firm Autonomy has lost them money. I don't have the exact amount, but let's say that the goodwill HP initially recorded from the E. It's the latest in a cavalcade of costly blunders at HP. Hewlett-Packard's corporate strategy has changed. 2 billion (£6. By now, you've probably heard that, on Tuesday, Hewlett-Packard (HP) took an $8. In some parts of the City of London, a sense of disbelief greeted the news last year that Hewlett-Packard had agreed to pay $11bn for Autonomy, a British software company that had traded for half that value barely six months before. November 2012: Lex looks at the financial impact of Hewlett-Packard’s decision to write down $8. HP hired KMPG to do due diligence on the acquisition of Autonomy, then their CEO failed to read the preliminary report (the CFO appears to have been fired for reading it and advising against the acquisition), then failed to wait for KPMG to complete their due diligence before signing on the dotted line with Autonomy. Shareholder Compl. Finally, after fighting in court to suppress its publication, HP has been forced to make public KPMG’s due diligence report, which it had given to HP and its board prior to the acquisition of Autonomy. 3 billion, the move seems to have blown up in HP's face. Autonomy, a software and institutional services company, was one of HP's main British rivals before the acquisition—the logic was that HP could expand beyond its ailing hardware business and. 8 billion was less than half the $18 billion. 7 billion deal engineered by its former CEO Léo Apotheker. It had to execute an $8. 5bn writedown incurred in 2011 at HP was given fresh fuel this week after the US group provided extra details of alleged accounting irregularities at Autonomy before its acquisition in 2011. 8 billion write-down on Autonomy, a company it acquired last year for $11. 1 billion in 2011. 8 billion charge related to the acquisition and said Autonomy's former management inflated revenue. The prosecution also claimed he was involved in "intimidating, pressuring and paying off," people who clocked the dodgy numbers in Autonomy's financial. Companies overpay to acquire other companies all the time; but Hewlett Packard Co. The Autonomy acquisition will help bolster HP’s efforts in the data mining and analytics space. October 3, 2011. Hewlett-Packard (HP) has completed its acquisition of UK software company, Autonomy. 25 billion in cash to acquire Autonomy, the United Kingdom–based software and services company. Ex-Autonomy CEO Mike Lynch could face up to 20 years of. 9 billion, or. Soon after the acquisition, Autonomy executives began leaving HP, and HP then accused Autonomy directors of inflating the value of the company before the sale. 7 billion acquisition in 2011 of Autonomy Corporation, an enterprise software company based in the UK. 48% of the value of the company. Multichannel Marketing Market Current Development, Growth Rate by Manufacturers – Deutsch, Droga5, Wieden+Kennedy, Crispin Porter + Bogusky, The Martin Agency, Ogilvy & Mather, BBDO, Grey Advertising, Mullen Advertising, Butler, Shine, Stern & Partners - The Market Eagle. 5bn writedown incurred in 2011 at HP was given fresh fuel this week after the US group provided extra details of alleged accounting irregularities at Autonomy before its acquisition in 2011. software company Autonomy before it acquired the firm in 2011. 8 billion was less than half the $18 billion. Hewlett-Packard Co. HP is involved in a number of shareholder suits, relating to, among other things, its November announcement of the charge relating to its Autonomy acquisition, it said in the filing. 1 bn, which was 58% higher than Autonomy’s value at the time. 8 billion charge to reflect that the U. In September 2011, before the Autonomy acquisition was even completed, HP fired Mr. 3 billion, HP wasn't likely to be able to make another big software acquisition unless its financial position improved significantly. 7 billion purchase price. Our report will be revised to address COVID-19 effects on the Global Content Collaboration Market. 1 billion, alleging the company had been given an overly-optimistic valuation before it was acquired. The KPMG report is 44 pages in total. Following the events of Hewlett-Packard Company's (HP) acquisition of Autonomy PLC (Autonomy), the issues that stem from the differences In 2011, HP acquired Autonomy for $11. Ex-Autonomy CEO Mike Lynch could face up to 20 years of. In November 2012, HP recorded a writedown of around $8. A little over a month ago, HP announced that they were writing down $8. HP bought Autonomy, which specializes in database search and other enterprise software technologies, for more than $11 billion in cash a year ago. 1bn was written down by $8. 8 billion writedown in November 2012, just over one year after buying Autonomy, and linked more than $5 billion to accounting fraud and inflated financials by Autonomy executives. 4 billion) for a British software company called Autonomy. This was after the judge had rejected a deal by the company which had an $18 million fee arrangement and a $30 million success fee with two law firms which were originally acting for shareholders against HP. HP said it had uncovered "serious accounting. Autonomy had revenues of more than $800 million a year from its search and content processing businesses. Acquisition – Shareholder Derivative Litigation. 8 billion write-down on Autonomy, a company it acquired last year for $11. Shareholders of HP have been carrying out legal action for previously claiming that they acquired British based company Autonomy for $8. Deloitte’s most recent audit opinion on Autonomy’s financial statements was for the year ended 31 December 2010 and was. ) is "Information Intelligence" or as Autonomy puts it: "Meaning based computing. The bitter battle to find who was at fault for the $5. SAN FRANCISCO (AP) — Hewlett-Packard's $9. HP is taking an $8. With the Autonomy acquisition, HP's goal is to better serve the needs of enterprises and government agencies looking to address the explosion of unstructured and structured information. HP had to write down $8. "HP has contacted the SEC's enforcement division and the UK's Serious Fraud Office", Whitman emphasizes. , and CAMBRIDGE, England, Aug. 7 billion purchase price. On August 18, 2011, HP entered into an Offer Agreement with Autonomy and publicly announced its offer to acquire Autonomy for approximately $11 billion. The extraordinarily long-running saga over Hewlett-Packard Co. 8 billion charge related to its US$10. 9 billion , the deal represents a major monetary outlay that will leave the company’s wallet significantly lighter than it. The risks from this sin are obvious. 8 billion write-down isn't all Autonomy-related. IT giant Hewlett-Packard has agreed to acquire UK information management software and services provider Autonomy, and has confirmed reports that it is seeking "strategic alternatives" for its PC division. The unit is also a reflection of whether Whitman's. A federal appeals court has upheld Hewlett-Packard's settlement of a lawsuit over its $11. HP said the charges were due to "serious accounting improprieties, disclosure failures and outright misrepresentations" at Autonomy prior to its acquisition by HP last year. Autonomy -- HP's third largest acquisition ever at $11. Autonomy Corporation Autonomy Corporation develops software that process human information and unstructured data. Former HP CEO Leo Apotheker, the man who pursued the acquisition of Autonomy, also chimed in through the Journal, saying that he's "both stunned and disappointed to learn of Autonomy's alleged accounting improprieties" and that "the due diligence process was meticulous and thorough" with the assistance of "two of the world's largest and. HP acquired Autonomy in 2011 for $10. September 2011: HP buys Autonomy for approximately $11 billion. 8 billion write off on the deal, saying that Autonomy cooked its books prior to the acquisition. As the parent company, HP said it was "Autonomy's accounting improprieties" at fault. HP to Settle Derivative Litigation Arising from Autonomy Acquisition. 2bn) on the deal a year later after uncovering alleged accounting irregularities. Subsequently, HP declared an $8. Companies such as WorldCom and Enron highlighted this issue and set into motion new laws governing accounting practices and other…. HP is taking an $8. 11) per share in cash. While it could be that HP is simply reverting to its intrinsic mean value, it’s also possible that the acquisition of Autonomy could push HP into bankruptcy. 11) per share in cash (the "Offer"). 5bn writedown incurred in 2011 at HP was given fresh fuel this week after the US group provided extra details of alleged accounting irregularities at Autonomy before its acquisition in 2011. On August 18, 2011, Hewlett Packard, under the leadership of then-CEO Léo Apotheker, announced a friendly acquisition of U. Hewlett-Packard Co. (Reuters) - Hewlett-Packard completed its $12 billion buy of British software firm Autonomy on Monday, the centerpiece of a botched strategy shift that cost ex-chief executive Leo Apotheker his job last month. HP's acquisition of Autonomy -- while clearly also an enterprise information management play -- puts the company in the ever bulkier line-up of enterprise players making bold investments in. HP states that Autonomy is guilty of "serious accounting impropri…. The Autonomy Acquisition This litigation stems from HP's failed acquisition of Autonomy, which resulted in a write-down of 85% of the $11. For example, Hewlett Packard bought Autonomy, in 2011, and then later wrote off $8. Hewlett-Packard (HP) purchased British software maker Autonomy in an $11 billion deal in October 2011. HP acquired Autonomy for $11. The alleged accounting issues also put a spotlight on the investment banks and law firms involved in the acquisition. Read Mike Lynch's. It means following that process during high stress times. For example, Hewlett Packard bought Autonomy, in 2011, and then later wrote off $8. It’s Return on Average Assets is -10. Hewlett-Packard's $9. 1 billion in 2011, but wrote down $8. 9 billion, or. Covers issues related to risk management, governance, and compliance, including PCI, SOX, HIPAA. September 2011: HP buys Autonomy for approximately $11 billion. 3 billion in 2011 has taken a new twist as U. -based robot and autonomy technology solutions company Marble Robot, Inc. 7 billion Autonomy acquisition in October 2011. and the Autonomy acquisitions combined was on the order of $20 billion. HP and Autonomy were not available to comment on the FBI probe, and the FBI declined to comment. HP is involved in a number of shareholder suits, relating to, among other things, its November announcement of the charge relating to its Autonomy acquisition, it said in the filing. Facebook acquisition of Oculus (2014) - $3 billion Hewlett-Packard (2012) acquisition of UK software maker Autonomy In August 2011, HP acquired Autonomy at a price of $ 11. 5bn writedown incurred in 2011 at HP was given fresh fuel this week after the US group provided extra details of alleged accounting irregularities at Autonomy before its acquisition in 2011. HP “relied on figures he had helped inflate”, and now the “facts of the case […] now public”, Fortune stated that “in each of the 10 quarters preceding the acquisition, Autonomy’s revenues were within four percent of analyst expectations […] a level of precision that should arouse suspicion”, stating that “in hindsight. HP is taking an $8. Antoinette Bridges May 19, 2014 Abstract Hewlett Packard’s 2011 Acquisition of Autonomy Corporation proved to be disastrous for the company’s financial status and reputation. HP, which bought Autonomy for $10 billion in 2011, took an $8. Finds 'Improprieties' In Autonomy Acquisition. -- HP today announced that it has acquired control of Autonomy Corporation plc (LSE: AU. Hewlett-Packard botched its $11. While it could be that HP is simply reverting to its intrinsic mean value, it’s also possible that the acquisition of Autonomy could push HP into bankruptcy. Autonomy CEO Mike Lynch continued to run the company as part of HP, but Whitman forced him out on May 23 because it was. H-P bought the company in 2011 for $11. HP was misled into substantially overvaluing Autonomy when it acquired the software firm last year, the company revealed while disclosing its quarterly earnings today. authorities reportedly are preparing an. 1 billion (£6. We'd have expected HP to want to repair at least some of the damage that the acquisition of Autonomy inflicted upon it back in 2011, but it looks like this won't be happening. 8 billion writedown. Apotheker appeared as a witness for HP during its $5 billion civil suit against former Autonomy CEO Mike Lynch and former CFO Sushovan Hussain. Meg Whitman stated that "There appears to have been a willful effort on the part of. The bitter battle to find who was at fault for the $5. 8 billion dollars from due diligence missing multiple red flags (Cohan 2012). The implosion of the Autonomy deal has raised questions about how HP and its army of lawyers, accountants and investment bankers could have overlooked warning signs and gone ahead with the. and the Autonomy acquisitions combined was on the order of $20 billion. " In October 2011, Hewlett Packard completed its acquisition of British software giant Autonomy in a $12bn (£7. It means following that process during high stress times. HP says more than $5 billion of that charge is due to false accounting. 7bn) and on 20 November 2012 announced it would write down the goodwill on that acquisition totalling $8. 8 billion write-down related to the improprieties. 1 billion purchase price in December of 2012. Making matters worse, the Autonomy charge was the second acquisition-related, $8 billion+ write down in two consecutive quarters. In October, 2011, HP purchased Autonomy. Other search vendors sold in the 2008 t0 2014 period traded from much lower purchase prices; for example, IBM bought Vivisimo for $20 million, a figure which was equivalent to one year Vivisimo revenues. (NYSE: HPQ) seems to be drafting its own obituary, based on the reaction to its earnings report. If this was making an acquisition that wasn't material to HP, then overriding the CFO was an acceptable risk. 8 billion write-down of. Further, share overpricing, goodwill write-offs, and subsequent acquisition intensity are closely related to each other (Gu and Lev 2011). 5bn writedown incurred in 2011 at HP was given fresh fuel this week after the US group provided extra details of alleged accounting irregularities at Autonomy before its acquisition in 2011. The Autonomy Acquisition This litigation stems from HP's failed acquisition of Autonomy, which resulted in a write-down of 85 percent of the $11. of miscategorizing revenue, said the U. Hussain was also accused of lying to regulators, independent auditors, analysts, and HP's own due diligence staffers prior to the acquisition to misrepresent the upstart's financial performance. HP bought Autonomy, which specializes in database search and other enterprise software technologies, for more than $11 billion in cash a year ago. Hewlett-Packard is taking an $8. 24, 2012 /PRNewswire/ -- ARMA International Conference and Expo -- Autonomy, an HP Company, today announced the industry's first and only integrated solution for automatically applying policy, based on meaning, to both structured and unstructured data, regardless of format or location within an organization. HP's acquisition of Autonomy -- while clearly also an enterprise information management play -- puts the company in the ever bulkier line-up of enterprise players making bold investments in. acquisition, with a judge saying last week that the accord would provide. HP hired KMPG to do due diligence on the acquisition of Autonomy, then their CEO failed to read the preliminary report (the CFO appears to have been fired for reading it and advising against the acquisition), then failed to wait for KPMG to complete their due diligence before signing on the dotted line with Autonomy. HP to Acquire Autonomy Hewlett Packard, a global leading provider of hardware, software, and services, recently announced that it is acquiring Autonomy, an enterprise information management software provider. Hewlett-Packard's $10. 9 million British Pounds (more than $100 million) to HP should Autonomy back out of the acquisition deal. In some parts of the City of London, a sense of disbelief greeted the news last year that Hewlett-Packard had agreed to pay $11bn for Autonomy, a British software company that had traded for half that value barely six months before. Hewlett-Packard has agreed to settle shareholder litigation related to its acquisition of enterprise software company Autonomy that led to allegations of accounting fraud. HP Autonomy Case Study. HP Acquisition of Autonomy Case Solution,HP Acquisition of Autonomy Case Analysis, HP Acquisition of Autonomy Case Study Solution, Do you think Autonomy is a good fit to HP? Why or why not? The business model of Autonomy is different from HP. In November, HP took an $8. 's former financial chief guilty of falsifying financial statements and exaggerating the British software maker's value before its sale to Hewlett-Packard for $11. 2 Billion In Cash Leena Rao @LeenaRao / 9 years According to a Bloomberg report, HP is set to buy European infrastructure software company Autonomy. founder Mike Lynch, accused after his company's acquisition by Hewlett-Packard Co. Those allegations are that Autonomy engaged in accounting fraud that dramatically increased the perceived value of the firm, leading HP to. The company, which advises technology firms on their exit. Soon after the acquisition, Autonomy executives began leaving HP, and HP then accused Autonomy directors of inflating the value of the company before the sale. The news comes after two years of public disputes over the deal, which saw HP buy the UK firm for what was seen as a vastly inflated price. Autonomy’s software offerings power more than 25,000 customer accounts worldwide and, as part of HP, will provide high-value business solutions to help customers manage. CHICAGO, Sept. 8 billion dollars from due diligence missing multiple red flags (Cohan 2012). Hewlett-Packard Company (NYSE:HPQ)’s disastrous acquisition of British software firm Autonomy continues to cast a long shadow over the company. Writes down $8. Selda Gunsel, vice-president of global commercial fuels technologies with. LONDON — New details emerged on Tuesday in Hewlett-Packard's $5. HP hired KMPG to do due diligence on the acquisition of Autonomy, then their CEO failed to read the preliminary report (the CFO appears to have been fired for reading it and advising against the acquisition), then failed to wait for KPMG to complete their due diligence before signing on the dotted line with Autonomy. 2 billion, yet the latest financial statement of Autonomy was FYE2010. 18, 2011 - HP (NYSE: HPQ) and Autonomy Corporation plc (LSE: AU. View HP Autonomy. September 2011: HP buys Autonomy for approximately $11 billion. HP’s shareholders lost billions of dollars in value, torpedoing the Palo Alto, California-based firm’s attempted move into software, The Guardian reported. The deal was. Finally, after fighting in court to suppress its publication, HP has been forced to make public KPMG’s due diligence report, which it had given to HP and its board prior to the acquisition of Autonomy. 8 billion dollar impairment in the following year due to the alleged fraudulent accounting practices of Autonomy's former. 24, 2012 /PRNewswire/ -- ARMA International Conference and Expo -- Autonomy, an HP Company, today announced the industry's first and only integrated solution for automatically applying policy, based on meaning, to both structured and unstructured data, regardless of format or location within an organization. On August 18, 2011, Hewlett Packard, under the leadership of then-CEO Léo Apotheker, announced a friendly acquisition of U. In the case of HP's acquisition of Autonomy, given the charge announced in November, it is clear that most of the original $11 billion purchase price was over and above the book value, or net. Here's how it breaks down: First, HP's total $8. HP is admitting today 'serious accounting improprieties' by Autonomy. -based company in October 2011 for $11. In June this year, HP shareholders who had taken action to force HP executives to pay damages over the deal said they would halt their legal case. jfruh (300774) writes The fallout from HP's Autonomy acquisition keeps getting more dramatic. The lawsuits sought corporate governance changes at HP, attorneys’ fees, and the ability to pursue damages claims against those responsible for the acquisition. Facebook acquisition of Oculus (2014) - $3 billion Hewlett-Packard (2012) acquisition of UK software maker Autonomy In August 2011, HP acquired Autonomy at a price of $ 11. 8 billion writedown in November 2012, just over one year after buying Autonomy, and linked more than $5 billion to accounting fraud and inflated financials by Autonomy executives. HP (NYSE: HPQ) is harnessing the technologies of recent acquisitions, Autonomy and Vertica, in its newly expanded Information Optimization portfolio. HP, the leader in PCs worldwide, with a well acknowledged reputation for management style - the HP Way. Industry Reacts to HP, Autonomy Shake-Up. HP's acquisition of Autonomy -- while clearly also an enterprise information management play -- puts the company in the ever bulkier line-up of enterprise players making bold investments in. 50 per share in cash. HP shareholders have a right to be angry about the Autonomy deal. software company Autonomy before it acquired the firm in 2011. Here's how it breaks down: First, HP's total $8. 'Brit Bill Gates' was powerless to stop HP's Autonomy acquisition Mike Lynch didn't fall out of love with Hewlett-Packard, it was HP which didn't know what it wanted. September 25, 2015 Finally, after fighting in court to suppress its publication, HP has been forced to make public KPMG's due diligence report, which it had given to HP and its board prior to the acquisition of Autonomy. , the lead plaintiff in a securities class action lawsuit arising from HP’s acquisition of British software company Autonomy Corporation Plc in 2011. Hussain was found guilty of making false statements to investors about Autonomy’s performance, which led to HP writing down the value of its acquisition by $8. 4 billion) for a British software company called Autonomy. Shareholder Compl. The case involves the acquisition by Palo Alto-based Hewlett-Packard Company and Hewlett-Packard Vision B. Autonomy’s software offerings power more than 25,000 customer accounts worldwide and, as part of HP, will provide high-value business solutions to help customers manage. company, Micro Focus. just might be the new record holder for getting fleeced. The case stems from Hewlett-Packard’s disastrous $11 billion (£8. 7 billion acquisition of Autonomy. HP has initiated an intense internal investigation into a series of accounting improprieties, disclosure failures and outright misrepresentations that occurred prior to HP's acquisition of Autonomy. 3 billion in 2011 has taken a new twist as U. HP is currently fighting a massive shareholder backlash over the huge $8. The deal valued Autonomy at $11. 18, 2011, HP entered into an offer agreement with Autonomy and publicly announced its offer to acquire Autonomy for approximately $11 billion. Hewlett-Packard is planning to "aggressively" seek recompense for alleged accounting fraud related to the acquisition of its Autonomy unit, which resulted in the vendor taking a non-cash. Following the events of Hewlett-Packard Company's (HP) acquisition of Autonomy PLC (Autonomy), the issues that stem from the differences In 2011, HP acquired Autonomy for $11. Now, HP claims that Autonomy over-projected its sales deliberately before striking a deal with the company and thus HP ended up overpaying for the company. The acquisition positions HP as a leader in the large and growing enterprise information management space. An audit of Hewlett-Packard's Autonomy unit revealed that the software company grossly exaggerated its sales and profit before selling itself to HP for $11 billion in 2011. HP was plagued by the deal and it. Hewlett-Packard’s doomed takeover of Autonomy Corporation has taken another twist: The former CFO, Sushovan Hussain, has been found guilty of fraud. HP to Settle Derivative Litigation Arising from Autonomy Acquisition. 1bn acquisition of British software maker Autonomy in 2011. 1 billion (£6. Former HP CEO Leo Apotheker has said he would have abandoned the firm's disastrous acquisition of British software firm Autonomy if he had been aware of its alleged fraudulent dealings. At the time of the HP purchase decision, Autonomy had about six or seven times the revenue of Endeca, another late 1990s search vendor. PLC, the lead. Hewlett-Packard has agreed to settle shareholder litigation related to its acquisition of enterprise software company Autonomy that led to allegations of accounting fraud. 8 billion charge to reflect that the U. 1 bn, which was 58% higher than Autonomy’s value at the time. Deloitte UK was auditor to Autonomy at the time of its acquisition by HP. 1 billion acquisition of British software company Autonomy Corp, according to a. 7 billion acquisition of Autonomy. Former HP chief Leo Apotheker announced the Autonomy acquisition in August 2011 as part of a strategic shift into software and cloud computing, and also floated the idea of a spinoff of its PC unit. Hewlett-Packard's $9. HP paid $11. Autonomy Corp. HP bought Autonomy for $11. Hewlett-Packard - Wikipedia Following Autonomy's 2011 sale to Hewlett-Packard, the British software company was accused of accounting improprieties that contributed to an $8. Apotheker, the 65-year-old architect of HP's disastrous $11bn (£9bn) acquisition of British software company Autonomy and a key witness in an ongoing $5bn UK civil fraud trial, is seated in a. Companies such as WorldCom and Enron highlighted this issue and set into motion new laws governing accounting practices and other…. And even at a 10-year low, many analysts still. Accessibility help Skip to navigation Skip to content Skip to footer. The bitter battle to find who was at fault for the $5. HP's CFO Was Against It. The charges relate to the 2011 acquisition of software firm Autonomy by tech giant Hewlett Packard (HP). The initial $10. On Thursday Hewlett-Packard (s HPQ) announced plans to spend some $10. Hewlett-Packard and Autonomy have inked a $10. Those allegations are that Autonomy engaged in accounting fraud that dramatically increased the perceived value of the firm, leading HP to. Industry Reacts to HP, Autonomy Shake-Up. We'd have expected HP to want to repair at least some of the damage that the acquisition of Autonomy inflicted upon it back in 2011, but it looks like this won't be happening. The CFO was one of only a few board members who spoke out against HP’s proposed acquisition of Autonomy, a British software company. The implosion of the Autonomy deal has raised questions about how HP and its army of lawyers, accountants and investment bankers could have overlooked warning signs and gone ahead with the. 8 billion write-down to. 18 19 I Autonomy was founded by Defendant Michael R. HP is involved in a number of shareholder suits, relating to, among other things, its November announcement of the charge relating to its Autonomy acquisition, it said in the filing. Deloitte’s most recent audit opinion on Autonomy’s financial statements was for the year ended 31 December 2010 and was. The acquisition of Autonomy is expected to be completed by the. Covers issues related to risk management, governance, and compliance, including PCI, SOX, HIPAA. HP's shareholders lost billions of dollars in value, torpedoing the Palo Alto, California-based firm's attempted move into software, The Guardian reported. 1 bn, which was 58% higher than Autonomy’s value at the time. 8 billion Tuesday. 7 billion acquisition in 2011 of Autonomy Corporation, an enterprise software company based in the UK. A new shareholder lawsuit over Hewlett-Packard's acquisition of British software firm Autonomy has named Big Four audit firms KPMG & Deloitte as defendants, alleging they missed numerous red flags about Autonomy's accounting. Subsequently, HP declared an $8. 3 billion agreement for HP to acquire all outstanding shares of Autonomy. HP is a publicly-traded technology company incorporated in Delaware and headquartered in Palo Alto, California. Breyer had written that the last deal may not have been. HP said it "now believes that Autonomy was substantially overvalued at the time of its acquisition. 8 billion writedown in November 2012, just over one year after buying Autonomy, and linked more than $5 billion to accounting fraud and inflated financials by Autonomy executives. (NYSE: HPQ) seems to be drafting its own obituary, based on the reaction to its earnings report. HP’s shareholders lost billions of dollars in value, torpedoing the Palo Alto, California-based firm’s attempted move into software, The Guardian reported. Organizational ethics continues to be a serious issue in the US. 4% after hours on news that an investor is suing the company over its acquisition of software maker Autonomy. The acquisition positions HP as a leader in the large and growing enterprise information management space. (Oracle bought Endeca for $1. In the case of HP's acquisition of Autonomy, given the charge announced in November, it is clear that most of the original $11 billion purchase price was over and above the book value, or net. HP closes the transaction with more than 87%. 1 billion, only to take an $8. This story illustrates the need for a thorough due diligence process for a major acquisition. So says "Brit Bill Gates" Mike Lynch, who has even suggested HP's initial advances under then chief executive Leo Apotheker were unsolicited - possibly even unwanted - and that he was powerless to stop the acquisition. The case involves the acquisition by Palo Alto-based Hewlett-Packard Company and Hewlett-Packard Vision B. 1 billion 2. Hewlett-Packard Company (NYSE:HPQ)’s disastrous acquisition of British software firm Autonomy continues to cast a long shadow over the company. HP to Settle Derivative Litigation Arising from Autonomy Acquisition. 8bn one year after buying it due to "serious accounting improprieties". Autonomy co-founder Mike Lynch has denied any wrongdoing. 3 billion, HP said in a regulatory filing. Read Mike Lynch's. Leo Apotheker, an executive from the German software maker SAP, was appointed to run HP in late 2010, and the Autonomy acquisition was the centrepiece of his strategy to turn HP into a software giant. 3 billion, the move seems to have blown up in HP's face. Not only is the case extremely high profile, relating as it does to the acquisition of Autonomy by HP back in 2011, with allegations that the value of Autonomy was fraudulently inflated, but also raises issues regarding the inter-relationship between ongoing proceedings in different jurisdictions and the use of evidence obtained in criminal proceedings abroad. Autonomy acquires Interwoven for $775 million. HP says a majority of that relates to the Autonomy acquisition. On August 18, 2011, Hewlett Packard, under the leadership of then-CEO Léo Apotheker, announced a friendly acquisition of U.