Mike Lynch, 59, is the founding father of enterprise software program agency Autonomy. He was acquitted of fraud fees in June after defending himself in a trial over allegations that he artificially inflated Autonomy’s worth in an $11.7 billion sale to tech big Hewlett Packard.
Chris Ratcliffe | Bloomberg | Getty Photographs
LONDON — British expertise entrepreneur Mike Lynch has been discovered useless within the wreckage of his superyacht, which sank off the coast of Sicily earlier this week. He was 59 years outdated.
Simply two months in the past, Lynch gained a surprising victory in a landmark U.S. trial over allegations from Hewlett Packard that he had artificially inflated the worth of his firm Autonomy when he bought it to the U.S. enterprise tech big for $11.7 billion in 2011.
Fears for Lynch’s life swirled earlier this week when he was reported lacking after the sinking of a yacht — later confirmed as owned by his spouse, Angela Bacares — off the coast of Porticello, a small fishing village within the province of Palermo in Italy.
Bacares was one in every of 15 individuals rescued rescued following the yacht’s collapse earlier this week.
The anchored vessel, a 56-meter (184 ft) crusing yacht named the Bayesian, was hit by a violent storm early Monday morning.
Witnesses instructed native media the boat, which was carrying 10 crew members and 12 passengers, descended quickly after its mast broke.
Lynch’s physique was retrieved from the wreckage of the yacht Wednesday, a supply accustomed to the matter instructed CNBC on Thursday. His daughter, Hannah, stays unaccounted for, in keeping with the supply, who requested to not be recognized as a result of delicate nature of the scenario. Sky Information earlier reported the information.
‘Britain’s Invoice Gates’
Born in Ilford, a big city in East London, to Irish mother and father in 1965, Lynch grew up close to Chelmsford in the English county of Essex. His mom was a nurse and his father was a fireman.
Lynch had a modest upbringing however, on the age of 11, he was awarded a scholarship to attend Bancroft’s College, a personal college in Woodford Inexperienced, East London.
Mike Lynch, founding father of Autonomy, speaks at a Confederation of British Business convention in London, U.Ok., in 2003.
Graham Barclay | Bloomberg | Getty Photographs
From Bancroft’s, he attended the College of Cambridge, the place he studied pure sciences, specializing in areas together with electronics, arithmetic and biology.
After finishing his undergraduate research, Lynch accomplished a Ph.D. in alerts processing and communications.
Towards the top of the Eighties, Lynch based Lynett Programs Ltd., a agency which produced designs and audio merchandise for the music business.
A number of years later, within the early Nineteen Nineties, he based a fingerprint recognition enterprise known as Cambridge Neurodynamics, which counted the South Yorkshire Police amongst its prospects.
However his large break got here in 1996 with Autonomy, which he co-founded with David Tabizel and Richard Gaunt as a derivative from Cambridge Neurodynamics. The corporate scaled into one in every of Britain’s greatest tech corporations.
Autonomy’s software program, made up of pattern-matching algorithms, was touted as an answer that might assist workers summary that means from unstructured knowledge, together with net pages, e mail, video, audio and textual content.
These sample recognition methods have been primarily based on so-called Bayesian inference, a way of statistical inference named after a theorem developed by 18th century statistician Thomas Bayes.
Lynch’s luxurious yacht, the Bayesian, was named after this mathematical mannequin.
Autonomy founder Mike Lynch poses on the firm’s then-offices close to Cambridge, U.Ok, on Thursday, July 19, 2007.
Graham Barclay | Bloomberg | Getty Photographs
After the sale of his firm to HP, Lynch turned identified by U.Ok. nationwide media as “Britain’s Invoice Gates,” serving as a uncommon instance of a U.Ok. businessman who efficiently constructed and scaled a globally important tech enterprise promoting into numerous markets world wide.
Authorized battle with HP
Nonetheless, Lynch’s repute would go on to take a success after the cope with HP took a flip for the more severe. In 2012, HP took an $8.8 billion write-down on the worth of Autonomy — only a 12 months after shopping for it.
Lynch quickly turned the goal of a protracted authorized battle with the U.S. tech big, with HP suing Lynch for $5 billion in damages over accusations that Lynch had inflated Autonomy’s gross sales by about $700 million.
Lynch, who had lengthy denied the allegations, was extradited from Britain to the U.S. in 2023 to face trial over the HP allegations.
This got here regardless of stress on the U.Ok. authorities from Lynch’s supporters to not permit his extradition.
U.S. prosecutors had filed prison fees together with wire fraud and conspiracy for an alleged scheme to inflate Autonomy’s income beginning in 2009, partly to entice a purchaser.
Nonetheless, in a surprising victory in June, Lynch was acquitted of fraud fees following trial. The trial lasted three months.
Mike Lynch leaves the Rolls Constructing in London following the civil case over his £8.4 billion sale of his software program agency Autonomy to Hewlett-Packard in 2011. Image date: Monday March 25, 2019.
Dominic Lipinski | PA Photographs | Getty Photographs
Through the course of the trial, Lynch took the stand in his personal protection. He denied wrongdoing and instructed jurors that HP botched Autonomy’s integration.
Prosecutors had alleged Lynch, together with Autonomy’s now-deceased finance govt Stephen Chamberlain, who additionally died in a tragic automobile crash Saturday, padded Autonomy’s funds in various methods.
These included back-dated agreements, concealing the agency’s loss-making enterprise by reselling {hardware}, and intimidating or paying off people who had raised issues.
Nonetheless, Lynch instructed jurors he had centered on tech-related issues at Autonomy, not funds.
Accounting and cash selections have been left to Autonomy’s then-chief monetary officer, Sushovan Hussain, he mentioned.
Hussain was individually convicted within the U.S. in 2018 on fees of conspiracy, wire fraud and securities fraud associated to the HP deal. He was launched from jail in January after serving a five-year sentence.
Lynch’s affect on UK tech
Alongside founding Autonomy, Lynch additionally runs Invoke Capital, a enterprise capital agency centered on backing European tech startups. He based Invoke in 2012.
He turned a key voice supporting the U.Ok. expertise business, backing key names like cybersecurity agency Darktrace and authorized tech agency Luminance.
Publicly listed Darktrace, which had fended off comparable allegations of inflating its income by U.S. quick vendor Quintessential Capital Administration, earlier this 12 months agreed to a deal to be purchased out and brought non-public by U.S. non-public fairness agency Thoma Bravo for $5.32 billion in money.
Lynch was beforehand on the board of U.Ok. broadcaster BBC, and as soon as additionally served as an advisor to the U.Ok. authorities on the Council for Science and Know-how.
In 2014 and 2015, he made the Forbes’ billionaires checklist, with an estimate web value of $1 billion. Nonetheless, whereas going through authorized prices amid his dispute with HP, he dropped off that checklist in 2016.
Authorized struggles apart, Lynch had a number of hobbies to maintain him busy, together with holding and caring for cattle and pigs at his residence in Suffolk.
Mike Lynch, founding father of software program agency Autonomy, on the firm’s headquarters in, Cambridge, U.Ok., Aug. 24, 2000.
Bryn Colton | Hulton Archive | Getty Photographs
“I maintain uncommon breeds,” Lynch instructed LeadersIn in a 2016 interview. “I’ve cows that turned defunct within the Forties and pigs that nobody has saved because the medieval occasions and none of them have any Apple merchandise in anyway.”
Previous to his dying, Lynch had reportedly returned to his farm in Suffolk, a county within the east of England, to get well from his U.S. authorized battle, the native East Anglian Occasions newspaper reported.
Simply weeks earlier than he was reported lacking, Lynch instructed The Occasions newspaper of how he feared dying in jail if discovered responsible over the HP allegations.
“‘If this had gone the unsuitable means, it might have been the top of my life as I’ve identified it in any sense,” Lynch mentioned within the interview with The Occasions.
“It is weird, however now you will have a second life – the query is, what do you need to do with it?” he added.
