How much did HP buy Autonomy for?
$11 billion
LONDON (Reuters) – Hewlett-Packard suffered “buyer’s remorse” over its disastrous $11 billion acquisition of Autonomy and was trying to pin the blame on UK entrepreneur Mike Lynch, London’s High Court heard on Monday in the closing stages of a multi-billion dollar case.
Why did HP buy Autonomy?
HP had bought big data firm Autonomy with the aim of making it the centerpiece of a plan to transform HP from a computer and printer maker into a software-focused enterprise services firm, a shift that rival IBM had already pulled off.
Does HP still own Autonomy?
In 2017, HP sold its Autonomy assets, as part of a wider deal, to the British software company Micro Focus.
Did HP Sue Autonomy?
Hewlett-Packard wins civil fraud case against Mike Lynch over Autonomy sale. Hewlett-Packard has won its six-year civil fraud case against Mike Lynch, the man once hailed as Britain’s answer to Bill Gates, after a high court judge ruled that he duped the US firm into paying £8.2bn for his software firm Autonomy.
Who advised HP to acquire Autonomy?
UBS, Goldman Sachs, Citigroup, JPMorgan Chase and Bank of America were also advising Autonomy and were paid $5.4 million each. Slaughter & May and Morgan Lewis served as the company’s legal advisers.
When did HP sell Autonomy?
2011
Cambridge-based Autonomy was sold to the US tech giant for $11bn in 2011. HP sued its founder and former chief financial officer, claiming they “artificially inflated Autonomy’s reported revenues, revenue growth and gross margins”. Mr Justice Hildyard said HP had “substantially won” its case.
Why did HP and Autonomy fail?
Rather than selling software to customers, HP said, Autonomy had been selling them hardware at a loss, then booking the sales as software licensing revenue. That discovery forced HP to write down the value of Autonomy by more than $5 billion, triggering a wave of shareholder lawsuits.
What is Autonomy IDOL?
At the heart of Autonomy’s infrastructure software lies the Intelligent Data Operating Layer (IDOL) Server. The IDOL Server collects indexed data from connectors and stores it in its proprietary structure, optimized for fast processing and retrieval of data.
Who advised HP to acquire Autonomy in 2011?
It was September 2011 when Hewlett-Packard’s CEO Leo Apotheker agreed to acquire Autonomy, a British software company, for around $10.3 billion (£6.7 billion).
What did Autonomy sell?