Hewlett-Packard rumored to be ready to sell off PC unit, spend $10B to buy Autonomy

HP struggling to reposition itself I changing marketplace

Hewlett-Packard could be close to spinning off its PC unit and spending $10 billion to buy software-maker Autonomy, according to a Bloomberg News report today.

Reuters says Hewlett-Packard may announce the plans as early as today as the company is set to report quarterly earnings after markets close.   From Reuters: "Chief Executive Officer Leo Apotheker has said he wants to expand in software and services that help customers deliver computing over the Internet, through the so-called cloud. Hewlett-Packard has been aiming to lessen its dependence on lower-margin PCs, where growth has stalled as consumers flock to tablet-style computers like those made by Apple Inc. (AAPL) "

Autonomy is the second largest software maker in the UK and specializes in database search technologies.  According to Reuters, the company's customers include Coca-Cola, Nestle and the US Securities and Exchange Commission.

The deal may be a result of HP struggling to regain some footing as it tries to reshape itself, experts said.

MarketWatch noted: "Hewlett-Packard Co. will report results Thursday, as it reels from a rash of bad news, including worries of eroding corporate demand as well as reports that the TouchPad, its vaunted entry into the tablet market, has flopped."

We will have more on this story as it develops. Check back.

Follow Michael Cooney on Twitter: nwwlayer8  

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