The Latest in IT Security

HP finds evidence that Autonomy misrepresented profits before $11.1 billion purchase

04
Feb
2014

Hewlett-Packard completed the purchase of customer and data management software company Autonomy for $11.1 billion in October 2011. Just over a year later, the computer giant devalued the purchase by $8.8 billion, and alleged that the owners of the UK-based Autonomy used accounting improprieties to seriously misrepresent the companys actual worth. Now, thanks to an audit of Autonomys 2010 and 2011 financial results performed by Ernst Young, HP says it has significant evidence that the British company reported unrealistic revenue and profit values prior to its purchase. Autonomys financials had been audited twice prior to its purchase by external firms KPMG and Deloitte.

Comments are closed.

Categories

FRIDAY, MARCH 29, 2024
WHITE PAPERS

Mission-Critical Broadband – Why Governments Should Partner with Commercial Operators:
Many governments embrace mobile network operator (MNO) networks as ...

ARA at Scale: How to Choose a Solution That Grows With Your Needs:
Application release automation (ARA) tools enable best practices in...

The Multi-Model Database:
Part of the “new normal” where data and cloud applications are ...

Featured

Archives

Latest Comments