在惠普收购Autonomy时,Peel Hunt的莫兰德曾警告称,“该公司的利润率一直在收缩,利润正以个位数增长,出于一些原因,这些利润没有像应该的那样转化为现金。
Despite being one of the few to allege that something was amiss in Autonomy’s accounting for years, Mr Morland still seemed surprised that HP had missed a potential $5bn hole. “If I could spot it from going through public accounts, then it’s shocking that someone in [HP’s] position could not, he said.
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There were also warnings that, in hindsight, sound telling. Marc Geall, a former head of investor relations who had gone on to work as an analyst at Deutsche Bank, warned that Autonomy had outgrown its controls and systems, becoming a large company with the processes more commonly found in a start-up.
尽管莫兰德是为数不多的多年来声称Autonomy在会计方面存在问题的人之一,但对于惠普遗漏了这个潜在的50亿美元漏洞,他似乎仍然感到吃惊。他表示:“令人震惊的是,我通过翻阅公开报表就能发现问题,而(惠普)方面的人却未能发现。
None of this was enough to dissuade HP’s then-CEO, Léo Apotheker, from placing a stunning bet on Autonomy, making it the centrepiece of his attempt to rebuild the tattered tech conglomerate around software. A shareholder revolt over the scale of the overpayment played a central part in his dismissal from the company weeks later.
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