Ever since Hewlett-Packard delivered its bombshell allegations against Autonomy, the search engine maker that HP acquired for $11.1 billion last year, the dispute between the sides has fallen into a holding pattern: Autonomy founder Mike Lynch speaks, and HP doesn’t.
The nuts and bolts of HP’s $11.1 billion acquisition of Autonomy are pretty wonky. But we know a good scandal when we see one, and this $8.8 billion loss and the whole “fraud” debacle are shaking up to be one for the record books.
After losing all that money, HP pointed the finger at its subsidiary, alleging that cooked books had made Autonomy appear more valuable than it really was. If the HP thought the former Autonomy team would go quietly into that good night, the Silicon Valley giant was sadley mistaken. Former Autonomy CEO Mike Lynch has loudly maintained his innocence, and now Business Insider reports that he’s started a blog to defend against the allegations.
In the hours since Hewlett-Packard stunned investors by announcing an $8.8 billion loss on its acquisition of Autonomy, competing narratives have emerged to describe just what went wrong.
H-P spoke first, explaining that “accounting improprieties” and “outright misrepresentations” committed before it acquired the British search engine maker for $11.1 billion last year led to Read More
Hewlett-Packard took an $8.8 billion charge against fourth-quarter earnings after uncovering “serious accounting improprieties, disclosure failures and outright misrepresentations” at Autonomy, the British software maker H-P acquired last year, the company said today.
XX in Tech
Forbes has just released its rankings of the world’s 100 most powerful women. Many of the honorees are exactly those you’d expect–German chancellor Angela Merkel, U.S. Secretary of State Hillary Clinton. However, the list also serves a kind of unofficial assessment of who’s in and who’s out in the tech business, as well.
Numero uno is, no big surprise here, Sheryl Sandberg (who comes in at no. 10 overall). The brief accompanying profile of Ms. Sandberg notes:
Delivery From Inconvenience
It looks like a few big names have picked their horse they want to bet on in the convenience economy. And then saddled that horse up with bags of cash.
Today Zaarly, the marketplace that matches people who have tasks they need to get done with people willing to do them (for a price and within the specified time frame), just announced it picked up $14 million investment round led by Kleiner Perkins. For comparison TaskRabbit, one of Zaarly’s many competitors, raised a more modest series A at $5 million in May.
Zaarly, which counts Michael Arrington, Ashton Kutcher and AngelList’s Naval Ravikant as seed investors, also announced a would-be governor on their board: current HP CEO and former eBay CEO Meg Whitman.