HP announces possible offer to buy Autonomy Corporation and an end to WebOS Operations

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(Best Syndication News) - HP (NYSE: HPQ) acknowledged that they are in discussions with Autonomy Corporation plc (LSE: AU.L) for making a possible offer. HP also announced that they will discontinue webOS devices. Additionally, the Hewlett-Packard Company is having their board of directors explore options for their Personal Systems Group (PSG).

Autonomy Corporation, which was founded in 1996, is a software infrastructure solution provider for managing business and large organization data files. HP did not give specific details about their intent to buy the company.

HP also acknowledged they plan to announce that the board of directors was tasked with determining the fate of their Personal Systems Group (PSG). HP said that the PSG division options being considered include full or partial separation from HP, a spin-off company, or another type of transaction. Other options for the PSG division may also be considered, but these considerations were not listed.

HP said they plan to announce the discontinuation of webOS for the TouchPad and webOS mobile phones (among other devices). However, the company will continue to investigate uses of the webOS software for future opportunities.

Additionally, the company reported preliminary third fiscal quarter 2011 results today. HPQ had a revenue of $31.2 billion, which was an increase from the same time one year ago of $30.7 billion.

By: Tom Madison



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