33-535: HP Autonomy , previously Autonomy Corporation PLC , was an enterprise software company which was merged with Micro Focus in 2017 and OpenText in 2023 (OpenText had acquired the content management assets of Autonomy in 2016). It was founded in Cambridge , United Kingdom in 1996. Autonomy was acquired by Hewlett-Packard (HP) in October 2011. The deal valued Autonomy at $ 11.7 billion (£7.4 billion). Within
66-464: A premium of around 79% over market price that was widely criticized as "absurdly high", a "botched strategy shift" and a "chaotic" attempt to rapidly reposition HP and enhance earnings by expanding the high-margin software services sector . The transaction was unanimously approved by the boards of directors of both HP and Autonomy and the Autonomy board recommended that its shareholders accept
99-557: A "rod of iron" - allegedly firing the weakest 5% of its sales force each quarter whilst cosseting the best sales staff "like rock stars". Autonomy floated in 1998 on the EASDAQ exchange at a share price of approximately £0.30. At the height of the " dot-com bubble ", the peak share price was £30. December 2005: Autonomy acquired Verity, Inc., one of its main competitors, for approximately US$ 500 million. In 2005 Autonomy also acquired Neurodynamics. May 2007: After exercising an option to buy
132-461: A "textbook example of defensive stalling" 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 and that even HP's CFO disagreed with the price paid. External observers stated that only a small part of the write-off appeared to be due to accounting mis-statements, and that HP had overpaid for businesses previously. Lynch said that
165-909: A civil action in the UK courts. The case was heard in a trial lasting 93 days, with Lynch present in the witness box for 22 days, making it one of the longest cross-examinations in British legal history. In January 2022, the High Court in London ruled that HP had "substantially won" its civil case against Lynch and Hussain in which HP claimed that the two individuals had "artificially inflated Autonomy's reported revenues, revenue growth and gross margins". In September 2020, Deloitte , who audited Autonomy between 2009 and 2011, were fined £15m for its audits that contained “serious and serial failures”. In August 2022, OpenText announced that it would acquire Micro Focus in
198-484: A company director, provided they are not disqualified on one of the following grounds: The members must agree to take some, or all, of the shares when the company is registered. The memorandum of association must show the names of the people who have agreed to take shares and the number of shares each will take. These people are called the subscribers. There is a minimum share capital for public limited companies: before it can start business, it must have allotted shares to
231-485: A deal valued at US$ 6 billion. The acquisition was approved by the court on 27 January 2023, the transaction was completed on 31 January 2023. HP Autonomy products include Intelligent Data Operating Layer (IDOL), which allows for search and processing of text taken from both structured data and unstructured human information—including e-mail and mobile data—whether it originates in a database, audio, video, text files or streams. The processing of such information by IDOL
264-638: A niche provider of enterprise content management software, for $ 775 million. Interwoven became Autonomy Interwoven and Autonomy iManage. In 2009 Paul Morland, a leading analyst, started raising concerns about Autonomy's exaggerated performance claims. June 2010: Autonomy announced that it was to acquire the Information Governance business of CA Technologies . Terms of the sale were not disclosed. 5 May 2011: The Mercedes Formula One team announced an $ 8 million sponsorship deal with Autonomy, and on 8 July 2010 Tottenham Hotspur FC announced
297-631: A result of the Hewlett-Packard Company separation. HP Inc was assigned ownership largely consisting of Autonomy's content management software components including TeamSite, Qfiniti, Qfiniti Managed Services, MediaBin, Optimost, and Explore. Hewlett Packard Enterprise retained ownership of the remaining software and legal entity of Autonomy Corporation Limited. 2 May 2016: OpenText acquired HP TeamSite, HP MediaBin, HP Qfiniti, HP Explore, HP Aurasma, and HP Optimost from HP Inc for $ 170 million. In 2017, HPE sold its Autonomy assets, as part of
330-551: A special resolution that it be so re-registered and deliver a copy of the resolution together with an application form to the Registrar. The resolution must also: If it does not already have sufficient share capital, the company must issue £50,000 in shares a minimum of 25% part paid. Aurasma Too Many Requests If you report this error to the Wikimedia System Administrators, please include
363-800: A stake in technology start up Blinkx Inc, and combining it with its consumer division, Autonomy floated Blinkx on a valuation of $ 250 million. July 2007: Autonomy acquired Zantaz, an email archiving and litigation support company, for $ 375 million. October 2007: Autonomy acquired Meridio Holdings Ltd, a UK company based in Northern Ireland that specialised in Records Management software, for £20 million. 28 May 2008: Kainos extended its partnership with Autonomy for high-end information processing and Information Risk Management (IRM) to deliver information governance solutions to its customer base. January 2009: Autonomy acquired Interwoven,
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#1732790998912396-645: A two-year sponsorship deal with Autonomy for their Premier League kit. For the 2011–12 season Spurs' Premier League shirt featured Autonomy's augmented reality technology Aurasma . 16 May 2011: Autonomy acquired Iron Mountain Digital , a pioneer in E-discovery and online backup solutions provider, for $ 380 million from Iron Mountain Incorporated . On 18 August 2011, Hewlett-Packard announced that it would purchase Autonomy for US$ 42.11 per share with
429-409: A wider deal valued at $ 8.8 billion, to the British software company Micro Focus . Micro Focus acquired the operating subsidiary Autonomy Systems Limited and related foreign subsidiaries on 1 September 2017. Legal entity and former parent company Autonomy Corporation Limited was merged with fellow HPE subsidiary ACL Netherlands B.V. and ceased to exist. In April 2018 Autonomy's ex-CFO Sushovan Hussain
462-470: A year, HP had written off $ 8.8 billion of Autonomy's value. HP claimed this resulted from "serious accounting improprieties" and "outright misrepresentations" by the previous management. The former CEO, Mike Lynch , said that the problems were due to HP's running of Autonomy. HP recruited Robert Youngjohns, ex- Microsoft president of North America, to take over HP Autonomy in September 2012. In 2015, HP
495-422: Is 23 minutes. Because the electronic process requires compatible software that works with Companies House eFiling service, companies are usually formed through a Company Formation Agent. Every company must deliver an annual return to Companies House at least once every twelve months. It has 28 days from the date to which the return is made up to do this. Failure to file a return is a criminal offence, for which
528-460: Is a type of public company under United Kingdom company law , some Commonwealth jurisdictions, and the Republic of Ireland . It is a limited liability company whose shares may be freely sold and traded to the public (although a PLC may also be privately held, often by another PLC), with a minimum share capital of £50,000 and usually with the letters PLC after its name. Similar companies in
561-671: Is referred to by Autonomy as Meaning-Based Computing. HP Autonomy's offerings include: The Autonomy business had primary offices in Cambridge, England, and Sunnyvale, California, as well as other major offices in the UK, the US, Canada, France, Japan, Australia, Singapore, Germany, and smaller offices in India and throughout Europe and Latin America. Public limited company A public limited company (legally abbreviated to PLC or plc )
594-569: The Northern Ireland Executive 's Department of Enterprise, Trade and Investment , but since then Northern Irish company registrations, as with those of the rest of the United Kingdom , have been handled by Companies House. Formation of a public limited company requires a minimum of two directors and one secretary (differing from country to country: in India three directors are required). In general terms anyone can be
627-724: The United States are called publicly traded companies . A PLC can be either an unlisted or listed company on the stock exchanges . In the United Kingdom, a public limited company usually must include the words "public limited company" or the abbreviation "PLC" or "plc" at the end and as part of the legal company name. Welsh companies may instead choose to end their names with ccc , an abbreviation for cwmni cyfyngedig cyhoeddus . However, some public limited companies (mostly nationalised concerns) incorporated under special legislation are exempted from bearing any of
660-713: The HP Exstream customer communication management (CCM) business, formerly part of the HP LaserJet and Enterprise Solutions (LES) business, joined the HP Autonomy organization. On 30 January 2014, the company announced that one of its partners, Kainos , had integrated HP IDOL 10.5, the new version of HP Autonomy's information analytics engine, into Kainos's electronic medical record platform, Evolve. On 31 October 2015, Autonomy's software products were divided between HP Inc (HPQ) and Hewlett Packard Enterprise (HPE) as
693-534: The following categories: Bearer shares are no longer possible, as they were abolished in the UK by the Small Business, Enterprise and Employment Act 2015. Any existing bearer shares had to be converted to registered shares before February 2016, or face cancellation. A PLC has access to capital markets and can offer its shares for sale to the public through a recognised stock exchange. It can also issue advertisements offering any of its securities for sale to
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#1732790998912726-663: The identifying suffixes. The term "public limited company" and the "PLC"/"plc" suffix were introduced in 1981; prior to this, all limited companies bore the suffix "Limited" ("Ltd."), which is still used by private limited companies . When a new company incorporates in England and Wales or in Scotland , it must register with Companies House , an executive agency of the Department for Business and Trade . Prior to October 2009, companies in Northern Ireland were registered with
759-572: The increase on Form 123 – must reach Companies House within 15 days of being passed. No fee is payable to Companies House. A company can decrease its authorised share capital by passing an ordinary resolution to cancel shares which have not been taken or agreed to be taken by any person. Notice of the cancellation, on Form 122, must reach Companies House within one month. No fee is payable to Companies House. A company may have as many different types of shares as it wishes, all with different conditions attached to them. Generally, share types are divided into
792-413: The offer. On 3 October 2011 HP closed the deal, announcing that it had acquired around 87.3% of the shares for around $ 10.2 billion, and valuing the company at around $ 11.7 billion in total. On 10 January 2012, legal entity Autonomy Corporation PLC was converted into private company Autonomy Corporation Limited . In May 2012, Mike Lynch left his role as Autonomy CEO after a significant drop in revenue in
825-511: The officers of the company may be fined. There is an annual document-processing fee of £40 if filed by paper (or £13 for users of the Electronic Filing or WebFilings services), which must be sent to Companies House with the annual return. Both a private company limited by shares and an unlimited company with a share capital may re-register as a plc, but a company without a share capital cannot do so. A private company must pass
858-427: The previous quarter. In September 2012, Robert Youngjohns was appointed SVP & GM of Autonomy/Information Management Business Unit. In November 2012, Hewlett-Packard announced that it was taking an $ 8.8 billion accounting charge after claiming "serious accounting improprieties" and "outright misrepresentations" at Autonomy; its share price fell to a decades' low on the news. Previous management in turn accused HP of
891-503: The problems were due to HP's running of Autonomy, citing "internecine warfare" within the organization. Major culture clashes had been reported in the press. The Serious Fraud Office (United Kingdom) , and the U.S. Securities and Exchange Commission joined the FBI in investigating the potential anomalies. In January 2015, the SFO closed its investigation as the chance of successful prosecution
924-423: The public. In contrast, a private company may not offer to the public any shares in itself. The following documents, together with the registration fee are sent to the Registrar of Companies: The key difference with the paper process is that there is no Form 12 and requirement for a statutory declaration. This significantly speeds the process: the record at Companies House for the formation of an Electronic Company
957-701: The two halves of former Autonomy assets. Autonomy was founded in Cambridge , England by Michael Lynch and Richard Gaunt in 1996 as a spin-off from Cambridge Neurodynamics , a firm specializing in computer-based fingerprint recognition. It used a combination of technologies born out of research at the University of Cambridge and developed a variety of enterprise search and knowledge management applications using adaptive pattern recognition techniques centered on Bayesian inference in conjunction with traditional methods. It maintained an aggressively entrepreneurial marketing approach, and sales controls described as
990-413: The value of at least £50,000. A quarter of them, £12,500, must be paid up. Each allotted share must be paid up to at least one quarter of its nominal value together with the whole of any premium. A company can increase its authorised share capital by passing an ordinary resolution (unless its articles of association require a special or extraordinary resolution ). A copy of the resolution – and notice of
1023-530: Was charged in the US and found guilty in of accounting fraud, and subsequently allowed out on bail after his appeal raised a "substantial question over his conviction." Hussain's appeal failed in August 2020. Based on Hussain's evidence, Lynch was charged with fraud in November 2018. Lynch said he would contest extradition and that he "vigorously rejects all the allegations against him." In March 2019, HP brought
HP Autonomy - Misplaced Pages Continue
1056-416: Was low. Three lawsuits were brought by shareholders against HP, for the fall in value of HP shares. In August 2014, a United States district court judge threw out a proposed settlement involving a fee of up to $ 48 million: Autonomy's previous management had argued the settlement would be collusive and was intended to divert scrutiny of HP executives' own responsibility and knowledge. In November 2013,
1089-413: Was split into HP Inc and Hewlett Packard Enterprise (HPE); HP Autonomy assets were divided between them with HPE taking the larger part. HP Inc later sold its Autonomy content management assets to Canadian software company OpenText in 2016. In 2017, HPE sold its remaining Autonomy assets, as part of a wider deal, to the British software company Micro Focus. In 2023, OpenText acquired Micro Focus, and reunited
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