Autonomy british software company

Dr lynch sold his software company autonomy to hewlettpackard hp in. Hewlettpackard sues mike lynch over autonomy sale in uks. Shushovan hussain has filed a motion to challenge hps settlement with its shareholders regarding its botched acquisition of the british. Autonomy was a british company with software providing pattern recognition capabilities. Autonomy was the linchpin of former hewlettpackard chief executive leo apothekers strategy to integrate his company s computer and printer businesses with highermargin software. The former chief executive of autonomy, the british software maker at the center of hewlettpackards latest scandal denied that his former company committed any accounting chicanery or misled anyone about its financial information the executive, mike lynch, insisted that the first he had heard of the allegations when h. British tech entrepreneur dr mike lynch has been freed on bail as he fights extradition to the us on fraud charges. A california federal jury on monday found autonomys exchief financial officer guilty of fraud and securities charges for lying about the british software companys financials before hewlett. Hps acquisition of autonomy was supposed to form the central part of the us group s move into software, but the plan fell apart after the disastrous deal cost hp shareholders billions of dollars in destroyed value. Originally, autonomy specialised in analysis of large scale unstructured big data, becoming the uks largest and most successful software business by 2010. Hp autonomy, previously autonomy corporation plc, is a multinational enterprise software company founded in cambridge, united kingdom in 1996. Following through on threats it has made in the past, hewlettpackard today said it has sued mike lynch and sushovan hussain, the former ceo and cfo of the british. Hp enterprise seeks to end autonomy saga with software.

Exautonomy cfo jailed for five years over hewlettpackard. Autonomy legal case and revenue recognition roger w. Autonomy buy could make hp an oracle takeover target. Us files criminal charges against autonomys mike lynch. Feds charge autonomy founder with fraud in botched deal. Lynchs lawyers called the indictment a travesty, saying it shouldnt have been brought in the u. Thomas lohnesdapd news agency, via associated press. The insane life of autonomy billionaire mike lynch.

When hp bought autonomy, the british firm was already a major enterprise software company, with some 65,000 customers around the world using its products for data management and storage. Autonomy trial a former hp senior director told londons high court yesterday that the it giants postbuyout integration of british software firm autonomy was. Apotheker was replaced as ceo in september 2011 by board member meg whitman, who had been ceo of the online auction company ebay. Former autonomy cfo asks court to reject hp settlement zdnet. The uk accountancy watchdog has launched disciplinary action against deloitte over its auditing of autonomy, the british software company accused. Exautonomy cfo convicted of fraud in illfated hp deal. Autonomy ceo mike lynch, who founded the company in 1996, owns about 8 percent of the stock, bloomberg data shows. The former chief financial officer of british software company autonomy was sentenced on monday to five years in prison, after a u. Hewlettpackards inevitable impairment i told you so. Hewlettpackards inevitable impairment the motley fool. Hp revises autonomy financial reports, citing accounting. Leo apotheker would have advised hp to abandon autonomy.

Exautonomy cfo gets 5 years for fraud in sale to hp law360. Federal investigators are looking into allegations of accounting fraud at autonomy, a british software company with offices in the boston area that hewlettpackard co. Autonomy, the british business software company now owned by hewlettpackard co. Autonomy finance chief sushovan hussain handed fiveyear. Autonomy trial former hp ceo leo apotheker has claimed that if controversial british software company autonomys accounts were accurate, i doubt that hp would have pursued an acquisition of. British firm micro focus will take on remaining software assets from hps illfated 2011 acquisition angela monaghan thu 8 sep 2016 12.

Among the issues that they plan to raise on appeal is whether the wire fraud violated u. Autonomy legal case and revenue recognition there is an interesting report in todays financial times on the legal case against the former cfo of autonomy. Hp had three lines of software prior to the merger with autonomy. The cfo was one of only a few board members who spoke out against hps proposed acquisition of autonomy, a british software company. Former autonomy cfo asks court to reject hp settlement. Exhausted by abundant infighting, as one hp director put it, the board took the unusual action of unanimously picking apotheker in september 2010 even. Autonomy sale the focus of the uks biggest fraud trial. The battle over hewlettpackards claim that it was bamboozled when it bought autonomy, a british software company, has been long on angry rhetoric and short on details about the accounting that.

Autonomys excfo convicted of fraud linked to hp deal. It used a combination of technologies born out of research at the university of cambridge and developed a variety of enterprise search and knowledge management applications using adaptive pattern rec. Us, uk investigating firm bought by hp the boston globe. A pioneer in its industry, autonomys unique meaningbased technology is able to make sense of and process unstructured, human information, and draw real business value from that meaning. Hewlettpackard has disclosed to the authorities that it found what it said were serious accounting errors at autonomy, the british software maker it acquired in 2011, leading to a number of major revisions in the acquired companys financial report for 2010 among the changes in the restatements were an 81 percent cut in the operating profit of a major autonomy subsidiary, to 19.

The uks biggest fraud trial gets under way on monday with us technology giant hewlettpackard suing the former head of software firm autonomy. Hewlett packard offloads last autonomy assets in software. Hp says feds investigating troubled autonomy unit long. A former executive at british software company autonomy has agreed to become a cooperating witness to resolve u. Uk watchdog acts against deloitte over autonomy accounts.