economie

Who was Mike Lynch? The controversial tech tycoon has been found dead after a superyacht sank.

Mike Lynch in London in 2019.

  • Tech tycoon Mike Lynch is dead after a superyacht disaster near Sicily.
  • Lynch sold Autonomy to HP for more than $11 billion in 2011, sparking years of legal disputes.
  • Take a look at Lynch’s colorful life as “Britain’s Bill Gates.”

Technology tycoon Mike Lynch has been found dead after a superyacht disaster off the coast of Sicily, multiple news outlets reported Thursday, citing Italian authorities.

Lynch, who was 59, became a British success story after selling his software startup Autonomy to HP for more than $11 billion in 2011.

But HP soon accused Autonomy’s bosses of fraudulently inflating the company’s revenues to boost the acquisition price, sparking a 12-year legal battle for Lynch.

The latest trial ended in June with a jury acquitting Lynch of all charges.

Here’s a closer look at Lynch’s colorful life.

Michael Richard Lynch was born in Essex, UK on June 16, 1965.
Lynch, pictured in the centre of this five-piece jazz band, was interested in music from a young age.
Christ’s College, Cambridge.

Lynch also studied electrical sciences as part of his degree. His interest in electrical sciences led him to meet Peter Rayner, who became his mentor in the signal processing laboratory at Cambridge’s engineering department.
Lynch designing and making synthesizer prototypes in 1986.

The company produced designs and audio products for the music industry. One invention included a sampler for the Atari ST known as the Lynex. That was followed by the ADAS sampler for Atari, Mac, and PC.

In 1991, Lynch founded Cambridge Neurodynamics — a tech company that focused on computer-based fingerprint recognition.
But Lynch decided to focus his efforts on software. He cofounded search software firm Autonomy in 1996 with David Tabizel and Richard Gaunt as a spinoff from Cambridge Neurodynamics. Autonomy would go on to be one of the UK’s biggest tech companies.
Autonomy went public in 1998 with shares priced at 30p each.
Suranga Chandratillake.

Chandratillake told Business Insider: “Mike is a uniquely talented entrepreneur, especially within the European ecosystem. It’s rare to find someone who is a PhD in data science but also a visionary product marketer and talented organization builder.

“I learned a great deal about business, product, marketing and the competitive element that is at the core of really successful organizations through the opportunity I had working for him as Autonomy’s US CTO. Years later when he sold the company to HP, I wasn’t surprised that it was the largest AI exit ever and one of the top three technology exits from Europe in history.”

Autonomy made a number of other sizable acquisitions including: search software rival Verity ($500 million, December 2005); email archiving and litigation support company Zantaz ($375 million, July 2007); records management software firm Meridio Holdings (£20 million, October 2007); enterprise content management firm Interwoven ($775 million, January 2009); and online backup provider Iron Mountain Digital ($380 million, May 2011).

In October 2011, Lynch sold Autonomy to Hewlett-Packard for $11.7 billion (£8.7 billion) as the US tech giant looked to focus on software. Léo Apotheker was HP’s CEO at the time but he was fired by the board as the controversial deal went through.
HP CEO Meg Whitman.

In November 2012, HP announced an $8.8 billion writedown related to the Autonomy acquisition, with $5 billion due to alleged “accounting irregularities” that led HP to massively overpay for Autonomy. That same month, investors started taking legal action against HP based on how it handled the deal.
HP sued Lynch that same month for $5.1 billion in the UK’s High Court.
The Royal Courts of Justice, London.

In October 2015, Lynch counter-sued HP in London’s High Court for more than $150 million (£116 million) over the allegations of massive fraud it against him. Lynch accused Whitman of trashing his reputation and hampering his venture capital fundraising efforts.

In the meantime, Lynch planned a $1 billion (£770 million) fund called Invoke Capital to invest in fundamental European technologies.

The company’s technology, which can spot unusual email activity and suspicious file uploads, is underpinned by complex maths that was developed at Cambridge University.

“The reason I liked it was that it was a completely new approach,” Lynch told Business Insider in 2016. “Most of what’s out there in cybersecurity is based on knowing what you’re looking for. So things like anti-virus and that sort of stuff, or trying to build a big wall around the outside of your company, a boundary.

“The problem is that the world’s moved on and the attacks no longer have signatures. You can get kits that make attacks that don’t look like anything that’s been done before. But also every day you allow loads of people to walk through your wall and so the wall is pretty porous. The reality I was familiar with from some of my other roles as directors of large companies is that it’s very, very hard to keep stuff out. The reality is almost every company is infiltrated. So you have to take a different approach. You have to do it much more like an immune system.”

Lynch’s successes were overshadowed by the Autonomy lawsuits. Former CFO Sushovan Hussain was charged with fraud in April 2018.

The US Department of Justice filed 14 charges of fraud and conspiracy against Lynch in November 2018. The charges carried a maximum penalty of 20 years in prison, and US prosecutors wanted to see Lynch give up the $815 million he made from the Autonomy sale.

Following the charges, Lynch stepped back from his public activities. He stepped down from the board of Darktrace, and as an advisor to the Royal Society and the government.
Microsoft cofounder Bill Gates.

Lynch kept red poll cattle and other rare animal breeds at his home in Suffolk.
Mike Lynch is a director and early investor at Darktrace.

Mike Lynch died in a superyacht disaster off the coast of Sicily.

Mike Lynch was confirmed dead by Italian authorities on August 22 after his family superyacht sank off the coast of Sicily three days earlier.

He was declared missing after a violent storm capsized Bayesian, a luxury sailing vessel. His body and those of several other passengers were recovered a few days later.

 

Read the original article on Business Insider

https://www.businessinsider.com/the-life-of-mike-lynch-autonomy-hp-2017-5