Mike Lynch, who had just recently won a landmark U.S. fraud trial, was found dead in the wreckage of a yacht that sank off the coast of Sicily. He was 59.
Lynch, who was once laudded by the U.K. press as"Britain's Bill Gates," was the founder of Autonomy, a software company he sold to Hewlett Packard for $11.7 billion in 2011.
Lynch had a modest upbringing but, at the age of 11, he was awarded a scholarship to attend Bancroft's School, a private school in Woodford Green, East London.Mike Lynch, founder of Autonomy, speaks at a Confederation of British Industry conference in London, U.K., in 2003. A few years later, in the early 1990s, he founded a fingerprint recognition business called Cambridge Neurodynamics, which counted the South Yorkshire Police among its customers.
After the sale of his company to HP, Lynch became known by U.K. national media as"Britain's Bill Gates," serving as a rare example of a U.K. businessman who successfully built and scaled a globally significant tech business selling into various markets around the world.However, Lynch's reputation would go on to take a hit after the deal with HP took a turn for the worse. In 2012, HP took an $8.8 billion write-down on the value of Autonomy — just a year after buying it.
These included back-dated agreements, concealing the firm's loss-making business by reselling hardware, and intimidating or paying off individuals who had raised concerns.Accounting and money decisions were left to Autonomy's then-chief financial officer, Sushovan Hussain, he said.
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