Menu
UK regulators end fraud probe into HP's Autonomy acquisition

UK regulators end fraud probe into HP's Autonomy acquisition

A U.S. investigation into the sale of Autonomy to HP is ongoing

U.K. regulators have closed their investigation into Hewlett-Packard's botched acquisition of Autonomy, a British software company that HP has accused of inflating its value and of improper accounting.

The Serious Fraud Office, the U.K. government department that investigates and prosecutes fraud, bribery and corruption, "has concluded that, on the information available to it, there is insufficient evidence for a realistic prospect of conviction," the department said Monday. The SFO did not say on what basis it made its decision to close its investigation.

Jurisdiction over the investigation has been ceded to U.S. authorities, whose investigation is ongoing, the U.K. department said.

HP bought Autonomy in 2011 partly for its business search engine technology. But the $11.7 billion acquisition has been beset by issues tied to Autonomy's accounting. HP CEO Meg Whitman has said that Autonomy misled HP about the state of its business before the acquisition, causing HP to overpay for it. HP took an $8.8 billion charge as a result of what HP called serious accounting improprieties that occurred at Autonomy before HP acquired it.

HP shareholders filed suit in 2012. In 2013, the U.K.'s SFO began its investigation into the sale of Autonomy to HP.

Now, Autonomy is off the hook, at least in the U.K.

"As the SFO made clear, the U.S. authorities are continuing their investigation and we continue to cooperate with that investigation. HP remains committed to holding the architects of the Autonomy fraud accountable," an HP spokeswoman said Monday via email.

The U.S. Department of Justice did not immediately respond to a request for comment, while a spokesman for the U.S. Federal Trade Commission, which investigates fraud, deception and unfair businesses practices in the U.S., declined to comment.

Zach Miners covers social networking, search and general technology news for IDG News Service. Follow Zach on Twitter at @zachminers. Zach's e-mail address is zach_miners@idg.com


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags internetlegalNetworkingHewlett-PackardAutonomyInternet-based applications and servicesCivil lawsuits

Featured

Slideshows

The making of an MSSP: a blueprint for growth in NZ

The making of an MSSP: a blueprint for growth in NZ

Partners are actively building out security practices and services to match, yet remain challenged by a lack of guidance in the market. This exclusive Reseller News Roundtable - in association with Sophos - assessed the making of an MSSP, outlining the blueprint for growth and how partners can differentiate in New Zealand.

The making of an MSSP: a blueprint for growth in NZ
Reseller News Platinum Club celebrates leading partners in 2018

Reseller News Platinum Club celebrates leading partners in 2018

The leading players of the New Zealand channel came together to celebrate a year of achievement at the inaugural Reseller News Platinum Club lunch in Auckland. Following the Reseller News Innovation Awards, Platinum Club provides a platform to showcase the top performing partners and start-ups of the past 12 months, with more than ​​50 organisations in the spotlight.​​​

Reseller News Platinum Club celebrates leading partners in 2018
Meet the top performing HP partners in NZ

Meet the top performing HP partners in NZ

HP has honoured its leading partners in New Zealand during 2018, following 12 months of growth through the local channel. Unveiled during the fourth running of the ceremony in Auckland, the awards recognise and celebrate excellence, growth, consistency and engagement of standout Kiwi partners.

Meet the top performing HP partners in NZ
Show Comments