HP Seals the Deal with Autonomy
HP has been in the news lately and most of it isn't for the right reasons. Its Palm webOS tablet was canned and its longtime staple business's future, PCs, is also in question.
And right now, HP is once again in the news again with the acquisition of British software firm, Autonomy. HP's ex-chief executive, Leo Apotheker, who made the decisions to close HP's webOS unit and sell or spin off its PC division, also initiated the takeover of Autonomy.
And even though Leo Apotheker is no longer HP's chief executive, the deal has been sealed for $12 billion, as it seems HP has no choice but to follow through with the deal according to British takeover rules.
Autonomy's claim to fame is a software that searches content like emails, phone calls and tweets that do not fit into traditional databases. The firm will, for the moment, remain autonomous, with its founder, Mike Lynch, at the helm. For now it remains to be seen if Autonomy will be a cash cow for HP or another Palm.
For more details, click here for the Reuters news.