Hewlett’s Loss: A Folly Unfolds, by the Numbers

For Hewlett-Packard, the alarm bells started ringing less than a year after the technology company bought a British software maker for $11.1 billion. Unhappy with the business’s sagging performance, H.P. ousted the software company’s mercurial Cambridge-educated founder and sent a team to England to review its books last May. It was then that a senior finance official at the British company stepped forward, raising questions about the accuracy of the numbers. Months of investigation followed, prompting Hewlett’s accusations on Tuesday that the British software maker, Autonomy, had engaged in “serious accounting improprieties.” Before the deal, H.P. claimed, Autonomy inflated its sales. The problems went undetected by outside accountants — both Autonomy’s auditors and a firm H.P. hired to vet the deal. Article Tools Facebook Save Twitter E-mail Google+ Print Share Permalink Related Links Video Video: H.P.’s Chief on Big Accounting Charge Documents Documents: H.P. news release H.P. Claim Highlights a Gray Area in Software Sales Autonomy's Ex-Chief: H.P.'s Claim's 'Completely and Utterly Wrong' With Autonomy, Hewlett-Packard's Latest Deal-Making Misstep H.P.'s Write-Down Puts Advisers in the Spotlight The accounting issues at Autonomy, which sells software that examines data for patterns, cost Hewlett more than $5 billion. Now, the Autonomy matter has been referred to regulators in two countries, and the Federal Bureau of Investigation has opened a case, according to people briefed on the matter who were not authorized to speak publicly. H.P. is also considering its own legal action. “This took time” to uncover, said Meg Whitman, H.P.’s chief executive. 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