Coordinates : 37°24′49″N 122°08′42″W / 37.413579°N 122.14508°W / 37.413579; -122.14508
HP headquarters in Palo Alto, California , U.S.
FORMER TYPE Public
TRADED AS NYSE : HPQ
INDUSTRY Computer hardware Computer software IT services IT consulting
FATE Split into two companies
FOUNDED January 1, 1939; 78 years ago (1939-01-01)
DEFUNCT November 1, 2015 (2015-11-01) (main company) (For Hewlett Packard Enterprise). Now operating as HP Inc.
Palo Alto ,
AREA SERVED Worldwide
PRODUCTS See list of HP products .
SUBSIDIARIES List of subsidiaries
The HEWLETT-PACKARD COMPANY (commonly referred to as HP) or shortened to HEWLETT-PACKARD (/ˈhjuːlɪt ˈpækərd/ _HEW-lit PAK-erd_ ) was an American multinational information technology company headquartered in Palo Alto, California . It developed and provided a wide variety of hardware components as well as software and related services to consumers, small- and medium-sized businesses (SMBs ) and large enterprises, including customers in the government, health and education sectors.
The company was founded in a one-car garage in Palo Alto by William "Bill" Redington Hewlett and David "Dave" Packard , and initially produced a line of electronic test equipment. HP was the world's leading PC manufacturer from 2007 to Q2 2013, after which Lenovo came to rank ahead of HP. It specialized in developing and manufacturing computing, data storage, and networking hardware, designing software and delivering services. Major product lines included personal computing devices, enterprise and industry standard servers, related storage devices, networking products, software and a diverse range of printers and other imaging products. HP marketed its products to households, small- to medium-sized businesses and enterprises directly as well as via online distribution, consumer-electronics and office-supply retailers, software partners and major technology vendors. HP also had services and consulting business around its products and partner products.
Hewlett-Packard company events included the spin-off of its
electronic and bio-analytical measurement instruments part of its
Agilent Technologies in 1999, its merger with
2002, and the acquisition of EDS in 2008, which led to combined
revenues of $118.4 billion in 2008 and a
Fortune 500 ranking of 9 in
2009. In November 2009, HP announced the acquisition of
3Com , with
the deal closing on April 12, 2010. On April 28, 2010, HP announced
the buyout of
Palm, Inc. for $1.2 billion. On September 2, 2010, HP
won its bidding war for
3PAR with a $33 a share offer ($2.07 billion),
On October 6, 2014,
Hewlett-Packard announced plans to split the PC
and printers business from its enterprise products and services
business. The split closed on November 1, 2015, and resulted in two
publicly traded companies:
HP Inc. and
Hewlett Packard Enterprise .
Hewlett Packard Enterprise spun-off its Enterprises Services
DXC Technology and its
* 1 History
* 1.1 1960s * 1.2 1970s * 1.3 1980s
* 1.4 1990s
* 1.4.1 Sales to
* 1.5 2000–2005 * 1.6 2006–2009 * 1.7 2010–2012 * 1.8 2013–2015
* 2 Facilities * 3 Products and organizational structure
* 4 Staff and culture
* 4.1 Notable people
* 8 Controversies
* 8.1 Restatement * 8.2 Spying scandal * 8.3 Hardware * 8.4 Lawsuit against Oracle * 8.5 Takeover of Autonomy * 8.6 Israeli settlements * 8.7 Bribery
* 9 See also * 10 References * 11 External links
The garage in Palo Alto where Hewlett and Packard began their company Hewlett-Packard logo used from 1941 to 1964
William Redington Hewlett and
Of the many projects they worked on, their very first financially successful product was a precision audio oscillator , the Model HP200A . Their innovation was the use of a small incandescent light bulb (known as a "pilot light") as a temperature dependent resistor in a critical portion of the circuit, the negative feedback loop which stabilized the amplitude of the output sinusoidal waveform. This allowed them to sell the Model 200A for $89.40 when competitors were selling less stable oscillators for over $200. The Model 200 series of generators continued until at least 1972 as the 200AB, still tube-based but improved in design through the years.
One of the company's earliest customers was Walt Disney Productions which bought eight Model 200B oscillators (at $71.50 each) for use in certifying the Fantasound surround sound systems installed in theaters for the movie _Fantasia _.
They worked on counter-radar technology and artillery shell fuses during World War II, which allowed Packard (but not Hewlett) to be exempt from the draft.
HP is recognized as the symbolic founder of
HP partnered in the 1960s with
HP spun off a small company, Dynac, to specialize in digital equipment. The name was picked so that the HP logo "hp" could be turned upside down to be a reverse reflect image of the logo "dy" of the new company. Eventually Dynac changed to Dymec, then was folded back into HP in 1959. HP experimented with using Digital Equipment Corporation (DEC) minicomputers with its instruments, but after deciding that it would be easier to build another small design team than deal with DEC, HP entered the computer market in 1966 with the HP 2100 / HP 1000 series of minicomputers. These had a simple accumulator -based design, with registers arranged somewhat similarly to the Intel x86 architecture still used today. The series was produced for 20 years, in spite of several attempts to replace it, and was a forerunner of the HP 9800 and HP 250 series of desktop and business computers.
Hewlett-Packard logo used from 1964 to 1979
HP 3000 was an advanced stack-based design for a business
computing server, later redesigned with
Programma 101 was the first commercial "desktop computer ",
HP is identified by _Wired _ magazine as the producer of the world's
first device to be called a personal computer, the Hewlett-Packard
9100A , introduced in 1968.
Programma 101 was called "computer
personale" (in Italian), at Fiera di Milano , 1966. HP called it a
desktop calculator, because, as Bill Hewlett said, "If we had called
it a computer, it would have been rejected by our customers' computer
gurus because it didn't look like an
Steve Wozniak , co-founder of Apple , originally designed the Apple I computer while working at HP and offered it to them under their right of first refusal to his work, but they did not take it up as the company wanted to stay in scientific, business, and industrial markets. Wozniak said that HP "turned him down 5 times." Wozniak said his loyalty to HP made him hesitant to start Apple with Steve Jobs.
The company earned global respect for a variety of products. They
introduced the world's first _handheld scientific electronic
calculator _ in 1972 (the
HP-35 ), the first _handheld programmable_
in 1974 (the
HP-65 ), the first _alphanumeric, programmable,
expandable_ in 1979 (the
HP-41 C), and the first symbolic and graphing
HP-28C . Like their scientific and business
calculators, their oscilloscopes , logic analyzers , and other
measurement instruments have a reputation for sturdiness and usability
(the latter products are now part of spin-off
The 98x5 series of technical desktop computers started in 1975 with
the 9815, and the cheaper 80 series, again of technical computers,
started in 1979 with the 85. These machines used a version of the
BASIC programming language which was available immediately after they
were switched on, and used a proprietary magnetic tape for storage. HP
computers were similar in capabilities to the much later
Hewlett-Packard logo used from 1979 to 2010
In 1984, HP introduced both inkjet and laser printers for the desktop. Along with its scanner product line, these have later been developed into successful multifunction products, the most significant being single-unit printer/scanner/copier/fax machines. The print mechanisms in HP's tremendously popular LaserJet line of laser printers depend almost entirely on Canon Inc. 's components (print engines), which in turn use technology developed by Xerox . HP develops the hardware, firmware, and software that convert data into dots for the mechanism to print.
In 1987, the Palo Alto garage where Hewlett and Packard started their
business was designated as a
In the 1990s, HP expanded their computer product line, which initially had been targeted at university, research, and business users, to reach consumers. HP also grew through acquisitions. It bought Apollo Computer in 1989 and Convex Computer in 1995.
Later in the decade, HP opened hpshopping .com as an independent subsidiary to sell online, direct to consumers; in 2005, the store was renamed "HP Home & Home Office Store."
From 1995 to 1998, Hewlett-Packard were sponsors of the English football team Tottenham Hotspur .
In 1999, all of the businesses not related to computers, storage, and
imaging were spun off from HP to form
On September 3, 2001, HP announced that an agreement had been reached with Compaq to merge the two companies. In May 2002, after passing a shareholder vote, HP officially merged with Compaq. Prior to this, plans had been in place to consolidate the companies' product teams and product lines.
The merger occurred after a proxy fight with Bill Hewlett's son Walter, who objected to the merger. Compaq itself had bought Tandem Computers in 1997 (which had been started by ex-HP employees), and Digital Equipment Corporation in 1998. Following this strategy, HP became a major player in desktops , laptops, and servers for many different markets. After the merger with Compaq, the new ticker symbol became "HPQ", a combination of the two previous symbols, "HWP" and "CPQ", to show the significance of the alliance and also key letters from the two companies Hewlett-Packard and CompaQ (the latter company being famous for its "Q" logo on all of its products).
In 2004, HP released the DV 1000 Series, including the HP Pavilion dv
1658 and 1040 two years later in May 2006, HP began its campaign, "The
Computer is Personal Again". The campaign was designed to bring back
the fact that the PC is a personal product. The campaign utilized
viral marketing, sophisticated visuals and its own website
(www.hp.com/personal). Some of the ads featured
Pharrell , Petra
Mark Burnett ,
Mark Cuban ,
Alicia Keys ,
Jay-Z , Gwen
Stefani , and
A sign marking the entrance to the HP corporate headquarters in Palo Alto, California , 2006 iPAQ 112 Pocket PC from 2008
On May 13, 2008, HP and Electronic Data Systems (EDS) announced that they had signed a definitive agreement under which HP would purchase EDS. On June 30, HP announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 had expired. "The transaction still requires EDS stockholder approval and regulatory clearance from the European Commission and other non-U.S. jurisdictions and is subject to the satisfaction or waiver of the other closing conditions specified in the merger agreement." The agreement was finalized on August 26, 2008 at $13 billion, and it was publicly announced that EDS would be re-branded "EDS a HP company." The first targeted layoff of 24,600 former EDS workers was announced on September 15, 2008. (The company's 2008 Annual Report gave the number as 24,700, to be completed by end of 2009. ) This round was factored into purchase price as a $19.5 billion liability against goodwill. As of September 23, 2009, EDS is known as HP Enterprise Services .
On November 11, 2009,
Hewlett-Packard announced that
Hewlett-Packard would be acquiring
3Com for $2.7 billion in cash. The
acquisition is one of the biggest in size among a series of takeovers
and acquisitions by technology giants to push their way to become
one-stop shops. Since the beginning of the financial crisis in 2007,
tech giants have constantly felt the pressure to expand beyond their
current market niches.
A Hewlett-Packard Mini 1000 netbook computer, a type of notebook computer
On April 28, 2010,
Palm, Inc. and
Hewlett-Packard announced that HP
would buy Palm for $1.2 billion in cash and debt. Before this
announcement, it was rumored that either
On August 6, 2010,
On September 30, 2010,
Léo Apotheker was named as HP's new
HP's stock continued to drop, by about a further 40% (including 25% on one day, August 19, 2011), after the company abruptly announced a number of decisions: to discontinue its webOS device business (mobile phones and tablet computers), the intent to sell its personal computer division (at the time HP was the largest personal computer manufacturer in the world), and to acquire British big data software firm Autonomy for a 79% premium , seen externally as an "absurdly high" price for a business with known concerns over its accounts. Media analysts described HP's actions as a "botched strategy shift" and a "chaotic" attempt to rapidly reposition HP and enhance earnings that ultimately cost Apotheker his job. The Autonomy acquisition had been objected to even by HP's own CFO . :3–6
On September 22, 2011, the HP Board of Directors fired Apotheker as chief executive, effective immediately, and replaced him with fellow board member and former eBay chief Meg Whitman , with Raymond J. Lane as executive chairman. Though Apotheker served barely ten months, he received over $13 million in compensation. HP lost more than $30 billion in market capitalization during his tenure. Weeks later, HP announced that a review had concluded their PC division was too integrated and critical to business operations, and the company reaffirmed their commitment to the Personal Systems Group. A year later in November 2012 wrote-down almost $9 billion related to the Autonomy acquisition _(see below: Takeover of Autonomy )_, which became the subject of intense litigation as HP accused Autonomy's previous management of fraudulently exaggerating Autonomy's financial position and called in law enforcement and regulators in both countries, and Autonomy's previous management accused HP of "textbook" obfuscation and finger pointing to protect HP's executives from criticism and conceal HP culpability, their prior knowledge of Autonomy's financial position, and gross mismanagement of Autonomy after acquisition. :6
On March 21, 2012, HP said its printing and PC divisions would become one unit headed by Todd Bradley from the PC division. Printing chief Vyomesh Joshi is leaving the company.
On May 23, 2012, HP announced plans to lay off approximately 27,000 employees, after posting a profit decline of 31% in the second quarter of 2012. The profit decline is on account of the growing popularity of smart phones, tablets, and other mobile devices, that has slowed the sale of personal computers.
On May 30, 2012, HP unveiled its first net zero energy data center. HP data center plans to use solar energy and other renewable sources instead of traditional power grids.
On July 10, 2012, HP's Server Monitoring
On September 10, 2012, HP revised their restructuring figures; they are now cutting 29,000 jobs. HP had already cut 3,800 jobs – around 7 percent of the revised 29,000 figure – as of July 2012.
On December 31, 2013, HP revised the amount of jobs cut from 29,000
to 34,000 up to October 2014. The current amount of jobs cut until the
end of 2013 was 24,600. At the end of 2013 the company had 317,500
employees. On May 22, 2014 HP announced it would cut a further 11,000
to 16,000 jobs, in addition to the 34,000 announced in 2013. "We are
gradually shaping HP into a more nimble, lower-cost, more customer and
partner-centric company that can successfully compete across a rapidly
changing IT landscape,"
In June 2014, during the
HP Discover customer event in
On October 6, 2014,
Hewlett-Packard announced it was planning to
split into two separate companies, separating its personal computer
and printer businesses from its technology services. The split, which
was first reported by _
The Wall Street Journal
On October 29, 2014, Hewlett-Packard announced their new Sprout personal computer.
In May 2015, the company announced it would be selling its controlling 51 percent stake in its Chinese data-networking business to Tsinghua Unigroup for a fee of at least $2.4 billion.
On November 1, 2015, as previously announced, Hewlett-Packard legally ceased to exist and split into two companies, HP Inc. and Hewlett Packard Enterprise. HP Inc. is the legal successor of the old Hewlett-Packard; the split was structured so that Hewlett-Packard changed its name to HP Inc. and spun off Hewlett Packard Enterprise as a new publicly traded company. HP Inc. retains Hewlett-Packard's stock price history and its stock ticker symbol, HPQ, while Hewlett Packard Enterprise trades under its own symbol, HPE.
The research center of Hewlett-Packard in the Paris-Saclay cluster , France.
HP's global operations are directed from its headquarters in Palo
It also has large operations in
Leixlip , Ireland;
Austin, Texas ;
PRODUCTS AND ORGANIZATIONAL STRUCTURE
HP office in Japan
HP produces lines of printers, scanners, digital cameras, calculators, PDAs , servers, workstation computers, and computers for home and small-business use; many of the computers came from the 2002 merger with Compaq . HP as of 2001 promotes itself as supplying not just hardware and software, but also a full range of services to design, implement, and support IT infrastructure.
HP's Imaging and Printing Group (IPG) was described by the company in 2005 as "the leading imaging and printing systems provider in the world for printer hardware, printing supplies and scanning devices, providing solutions across customer segments from individual consumers to small and medium businesses to large enterprises". HP Presario F700 F767CL iPAQ h4150 Pocket PC from 2003
Products and technology associated with IPG include:
* Inkjet and
* consumables and related products
* Officejet all-in-one multifunction printer/scanner/faxes
* Designjet and Scitex Large Format Printers
Indigo Digital Press
* HP Web Jetadmin printer management software
* HP Output
On December 23, 2008, HP released iPrint Photo for iPhone , a free downloadable software application that allows the printing of 4" x 6" photos.
HP's Personal Systems Group (PSG) claims to be "one of the leading vendors of personal computers ("PCs") in the world based on unit volume shipped and annual revenue." PSG deals with:
* business PCs and accessories * consumer PCs and accessories, (e.g., HP Pavilion , Compaq Presario, VoodooPC ) * handheld computing (e.g., iPAQ Pocket PC) * digital "connected" entertainment (e.g., HP MediaSmart TVs, HP MediaSmart Servers, HP MediaVaults, DVD+RW drives)
HP resold the Apple iPod until November 2005.
HP Enterprise Business (EB) incorporates
HP Technology Services ,
Enterprise Services (an amalgamation of the former EDS , and what was
known as HP Services), HP Enterprise Security Services oversees
professional services such as network security, information security
and information assurance/ compliancy, HP
* business service management software * application lifecycle management software * mobile apps * big data and analytics * service and portfolio management software * automation and orchestration software
* enterprise security software
HP's Office of Strategy and Technology has four main functions:
* steering the company's $3.6 billion research and development investment * fostering the development of the company's global technical community * leading the company's strategy and corporate development efforts, * performing worldwide corporate marketing activities
Under the Office of Strategy and Technology comes HP Labs , the research arm of HP. Founded in 1966, HP Labs aims to deliver new technologies and to create business opportunities that go beyond HP's current strategies. Examples of recent HP Labs technology includes the Memory spot chip of 2006. HP IdeaLab further provides a web forum on early-state innovations to encourage open feedback from consumers and the development community. HP is the global leader in patent assignments in the 3D Printing space.
HP also offers managed services by which they provide complete IT-support solutions for other companies and organizations. Some examples of these include:
* offering "Professional Support" and desktop "Premier Support" for
STAFF AND CULTURE
Further information: List of Hewlett-Packard executive leadership
The founders developed a management style that came to be known as "The HP Way." In Hewlett's words, the HP Way is "a core ideology ... which includes a deep respect for the individual, a dedication to affordable quality and reliability, a commitment to community responsibility, and a view that the company exists to make technical contributions for the advancement and welfare of humanity." The following are the tenets of The HP Way:
* We have trust and respect for individuals. * We focus on a high level of achievement and contribution. * We conduct our business with uncompromising integrity. * We achieve our common objectives through teamwork. * We encourage flexibility and innovation.
Michael Capellas (
Compaq CEO/Chairman – HP President)
Barney Oliver , founder and director of HP laboratories
* Tom Perkins
Carly Fiorina , 2016 Republican presidential candidate
Matt Shaheen , management consultant executive at HP Enterprise
Services in Plano ,
CORPORATE SOCIAL RESPONSIBILITY
In July 2007, the company announced that it had met its target, set in 2004, to recycle one billion pounds of electronics , toner and ink cartridges . It set a new goal of recycling a further two billion pounds of hardware by the end of 2010. In 2006, the company recovered 187 million pounds of electronics, 73 percent more than its closest competitor.
In 2008, HP released its supply chain emissions data — an industry first.
In September 2009, _ Newsweek _ ranked HP No. 1 on its 2009 Green Rankings of America's 500 largest corporations. According to environmentalleader.com, " Hewlett-Packard earned its number one position due to its greenhouse gas (GHG) emission reduction programs, and was the first major IT company to report GHG emissions associated with its supply chain, according to the ranking. In addition, HP has made an effort to remove toxic substances from its products, though Greenpeace has targeted the company for not doing better."
HP took the top spot on _Corporate Responsibility Magazine_'s 100 Best Corporate Citizens List for 2010. The list is cited by _PR Week_ as one of America's most important business rankings. HP beat out other Russell 1000 Index companies because of its leadership in seven categories including environment, climate changes and corporate philanthropy. In 2009, HP was ranked fifth.
_Fortune_ magazine named HP one of the World's Most Admired Companies in 2010, placing it No. 2 in the computer industry and No. 32 overall in its list of the top 50. This year in the computer industry HP was ranked No. 1 in social responsibility, long-term investment, global competitiveness, and use of corporate assets.
In May 2011, HP released a Global Responsibility report covering accomplishments during 2010. The report, the company's tenth, provides a comprehensive view of HP's global citizenship programs, performance, and goals and describes how HP uses its technology, influence, and expertise to make a positive impact on the world. The company's 2009 report won best corporate responsibility report of the year. The 2009 reports claims HP decreased its total energy use by 9 percent compared with 2008. HP recovered a total of 118,000 tonnes of electronic products and supplies for recycling in 2009, including 61 million print cartridges.
In an April 2010 _
San Francisco Chronicle
In May 2010, HP was named one of the World's Most Ethical Companies by Ethisphere Institute . This is the second year in a row HP has made the list. Ethisphere reviewed, researched and analyzed thousands of nominations in more than 100 countries and 35 industries to create the 2010 list. HP was one of only 100 companies to earn the distinction of top winner and was the only computer hardware vendor to be recognized. Ethisphere honors firms that promote ethical business standards and practices by going beyond legal minimums, introducing innovative ideas that benefit the public.
HP is listed in
Greenpeace 's Guide to Greener
HP does especially well for its disclosure of externally verified greenhouse gas emissions and its setting of targets for reducing them. However, Greenpeace reports that HP risks a penalty point in future editions due to the fact that it is a member of trade associations that have commented against energy efficiency standards.
HP has earned recognition of its work in the area of data privacy and security. In 2010 the company ranked No. 4 in the Ponemon Institute's annual study of the most trusted companies for privacy. Since 2006, HP has worked directly with the U.S. Congress, the Federal Trade Commission (FTC), and the Department of Commerce to establish a new strategy for federal legislation. HP played a key role in work toward the December 2010 FTC report "Protecting Consumer Privacy in an Era of Rapid Change."
After winning nine straight annual "Most Respected Company in China"
awards from the Economic Observer and Peking University, HP
In its 2012 rankings of consumer electronics companies on progress relating to conflict minerals , the Enough Project rated HP second out of 24 companies, calling it a "Pioneer of progress".
According to a BusinessWeek Study, HP was the world's 11th most valuable brand as of 2009.
HP has many sponsorships. One well known sponsorship is Mission:
After the acquisition of Compaq in 2002, HP has maintained the " Compaq Presario" brand on low-end home desktops and laptops, the "HP Compaq" brand on business desktops and laptops, and the "HP ProLiant " brand on Intel-architecture servers. (The "HP Pavilion" brand is used on home entertainment laptops and all home desktops.)
Tandem's "NonStop" servers are now branded as "HP Integrity NonStop".
HP DISCOVER CUSTOMER EVENT
HP Enterprise Business , along with participating
independent user groups, combined its annual HP
The HP Discover 2011 event in EMEA took place in Vienna, Austria, on November 29 through December 1, 2011.
In March 2003, HP restated its first-quarter cash flow from operations, reducing it 18 percent because of an accounting error. Actual cash flow from operations was $647 million, not $791 million as reported earlier. HP shifted $144 million to net cash used in investing activities.
Main article: Hewlett-Packard spying scandal
On September 5, 2006, Shawn Cabalfin and David O'Neil of _
wrote that HP's general counsel , at the behest of chairwoman Patricia
Dunn , contracted a team of independent security experts to
investigate board members and several journalists in order to identify
the source of an information leak. In turn, those security experts
recruited private investigators who used a spying technique known as
pretexting . The pretexting involved investigators impersonating HP
board members and nine journalists (including reporters for
The New York Times _ and _
The Wall Street Journal
In November 2007, Hewlett-Packard released a BIOS update covering a wide range of laptops with the intent to speed up the computer fan as well as have it run constantly, whether the computer was on or off. The reason was to prevent the overheating of defective Nvidia graphics processing units (GPUs) that had been shipped to many of the original equipment manufacturers, including Hewlett-Packard, Dell, and Apple. The defect concerned the new packaging material used by Nvidia from 2007 onwards in joining the graphics chip onto the motherboard, which did not perform well under thermal cycling and was prone to develop stress cracks – effectively severing the connection between the GPU and the motherboard, leading to a blank screen. In July 2008, HP issued an extension to the initial one-year warranty to replace the motherboards of selected models. However this option was not extended to all models with the defective Nvidia chipsets despite research showing that these computers were also affected by the fault. Furthermore, the replacement of the motherboard was a temporary fix, since the fault was inherent in all units of the affected models from the point of manufacture, including the replacement motherboards offered by HP as a free 'repair'. Since this point, several websites have been documenting the issue, most notably www.hplies.com, a forum dedicated to what they refer to as Hewlett-Packard's "multi-million dollar cover up" of the issue, and www.nvidiadefect.com, which details the specifics of the fault and offers advice to the owners of affected computers. There have been several small-claims lawsuits filed in several states, as well as suits filed in other countries. Hewlett-Packard also faced a class-action lawsuit in 2009 over its i7 processor computers. The complainants stated that their systems locked up within 30 minutes of powering on, consistently. Even after being replaced with newer i7 systems, the lockups continued.
LAWSUIT AGAINST ORACLE
On June 15, 2011, HP filed a lawsuit in
TAKEOVER OF AUTONOMY
See also: Autonomy Corporation § Hewlett Packard
In November 2012, HP recorded a writedown of around $8.8 billion related to its acquisition a year earlier of the UK based Autonomy Corporation PLC . HP accused Autonomy of deliberately inflating the value of the company prior to its takeover. The former management team of Autonomy flatly rejected the charge.
Autonomy specialized in analysis of large scale unstructured "big data ", and by 2010 was the UK's largest and most successful software business . It maintained an aggressively entrepreneurial marketing approach, and controls described as a "rod of iron", which was said to include zero tolerance and firing the weakest 5% of its sales force each quarter, while compensating the best sales staff "like rock stars".
At the time, HP had fired its previous
As part of this strategy, Autonomy was acquired by HP in October 2011. HP paid $10.3 billion for 87.3% of the shares, valuing Autonomy at around $11.7 billion (£7.4 billion) overall, a premium of around 79% over market price. The deal was widely criticized as "absurdly high", a "botched strategy shift" and a "chaotic" attempt to rapidly reposition HP and enhance earnings, and had been objected to even by HP's own CFO . :3–6 Within a year, Apotheker himself had been fired, major culture clashes became apparent and HP had written off $8.8 billion of Autonomy's value.
HP claim this resulted from "accounting improprieties , misrepresentations and disclosure failures" by the previous management, who in turn accuse HP of a "textbook example of defensive stalling " :6 to conceal evidence of its own prior knowledge and gross mismanagement and undermining of the company, noting public awareness since 2009 of its financial reporting issues :3 and that even HP's CFO disagreed with the price paid. :3–6 External observers generally state that only a small part of the write-off appears to be due to accounting mis-statements, and that HP had overpaid for businesses previously.
On October 25, 2012, Richard Falk, the Human Rights Council’s
On April 9, 2014, an administrative proceeding before Securities and Exchange Commission was settled by HP consenting to an order acknowledging that HP had violated the Foreign Corrupt Practices Act (FCPA) when HP subsidiaries in Russia, Poland, and Mexico made improper payments to government officials to obtain or retain lucrative public contracts.
The SEC's order finds that HP's subsidiary in Russia paid more than $2 million through agents and various shell companies to a Russian government official to retain a multimillion-dollar contract with the federal prosecutor's office. In Poland, HP's subsidiary provided gifts and cash bribes worth more than $600,000 to a Polish government official to obtain contracts with the national police agency. And as part of its bid to win a software sale to Mexico's state-owned petroleum company, HP's subsidiary in Mexico paid more than $1 million in inflated commissions to a consultant with close ties to company officials, and money was funneled to one of those officials. HP agreed to pay $108 million to settle the SEC charges and a parallel criminal case.
* San Francisco Bay Area portal * Companies portal * Information technology portal
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