via readwrite.com
A year after Hewlett-Packard's head-scratching acquisition of semantic-search company Autonomy for $10.3 billion, the move seems to have blown up in HP's face. HP is admitting today "serious accounting improprieties" by Autonomy.
Serious indeed. HP's fourth-quarter earnings will reflect an $8.8 billion write-down related to the improprieties. Overall, HP is reporting a 4Q loss of $6.9 billion, a bad skid for a company that seems more out of control every day.
When the deal was initially brokered by HP's then-CEO Léo Apotheker in August 2011, there were a lot of "what the hell?" comments flying around. HP had just bought a UK business that did not seem to fit HP's business model.
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