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

Events

Featured

Slideshows

Meet the Reseller News 30 Under 30 Tech Awards 2020 winners

Meet the Reseller News 30 Under 30 Tech Awards 2020 winners

This year’s Reseller News 30 Under 30 Tech Awards were held as an integral part of the first entirely virtual Emerging Leaders​ forum, an annual event dedicated to identifying, educating and showcasing the New Zealand technology market’s rising stars. The 30 Under 30 Tech Awards 2020 recognised the outstanding achievements and business excellence of 30 talented individuals​, across both young leaders and those just starting out. In this slideshow, Reseller News honours this year's winners and captures their thoughts about how their ideas of leadership have changed over time.​

Meet the Reseller News 30 Under 30 Tech Awards 2020 winners
Reseller News Exchange Auckland: Beyond the myths — how partners can master cloud security

Reseller News Exchange Auckland: Beyond the myths — how partners can master cloud security

This exclusive Reseller News Exchange event in Auckland explored the challenges facing the partner community on the cloud security frontier, as well as market trends, customer priorities and how the channel can capitalise on the opportunities available. In association with Arrow, Bitdefender, Exclusive Networks, Fortinet and Palo Alto Networks. Photos by Gino Demeer.

Reseller News Exchange Auckland: Beyond the myths — how partners can master cloud security
Reseller News welcomes industry figures at 2020 Hall of Fame lunch

Reseller News welcomes industry figures at 2020 Hall of Fame lunch

Reseller News welcomed 2019 inductees - Leanne Buer, Ross Jenkins and Terry Dunn - to the fourth running of the Reseller News Hall of Fame lunch, held at the French Cafe in Auckland. The inductees discussed the changing face of the IT channel ecosystem in New Zealand and what it means to be a Reseller News Hall of Fame inductee. Photos by Gino Demeer.

Reseller News welcomes industry figures at 2020 Hall of Fame lunch
Show Comments