HP plans to snap up Autonomy Corp for $11.7 billion.

Hewlett PackardLondon: Hewlett-Packard is considering a avert from the struggling PC business by spinning it off into a separate company and is buying British software maker Autonomy Corp for $11.7 billion, focusing on faster-growing technology sectors.

The iconic Silicon Valley Company also plans to kill WebOS-based phones and the TouchPad tablet, which was launched in June although, has failed to electrify consumers.

The board of directors have approved the evaluation of strategic alternatives for HP’s Personal Systems Group (PSG), it said in a statement that “including the exploration of the separation of its PC business into a separate company through a spin-off or other transaction.”

HP President and CEO Leo Apotheker said that “We believe the acquisition of Autonomy, combined with the exploration of alternatives for PSG, would allow HP to more effectively compete and better execute its focused strategy.”

The tablets of HP and smartphone offerings were in direct competition with Apple’s popular iPad and iPhones.

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