Tech investor Mike Lynch, co-founder of Autonomy, is missing after a tornado sank a luxury yacht off the coast of Sicily. Autonomy was purchased by Hewlett-Packard for $11 billion in 2011, contributing to Lynch’s estimated $450 million net worth. However, the sale quickly turned sour with HP writing down Autonomy’s value by $8.8 billion within a year, leading to legal issues and a fraud trial.
Lynch and former Autonomy finance executive Stephen Chamberlain were accused of inflating Autonomy’s revenue before selling to HP. Lynch was acquitted in June on 15 charges of conspiracy and wire fraud in a San Francisco court. Lynch expressed relief at the verdict, stating that his life would have drastically changed had it gone the other way. Autonomy, founded in 1996, became Britain’s largest software company and was highly respected in the industry.
The luxury yacht, the Bayesian, was owned by Revtom Limited, a company owned by Lynch’s wife, Angela Bacares. Lynch’s wife was among those rescued from the sinking yacht, which resulted in 15 others being saved. Tragically, one body was found on the hull of the yacht, and multiple individuals were hospitalized as a result of the incident. These details were shared with CNN and Reuters by contributors Barbie Latza Nadeau.
The Autonomy sale was a significant event in British tech history, as it was one of the country’s largest deals at the time. Despite the subsequent legal battles and financial struggles, Autonomy was once a prominent player in the industry. Lynch’s involvement with the company led to his reputation as a respected figure in technology innovation, even being asked to advise the British government on the matter.
Overall, Lynch’s recent misfortune at sea has brought attention back to his past successes and failures with Autonomy. Despite the turbulent aftermath of the Hewlett-Packard acquisition, Lynch’s impact on the tech industry and his contributions to British innovation are still recognized. The tragic sinking of the Bayesian has raised concerns about yacht safety and maritime incidents, as well as reminding the public of Lynch’s entrepreneurial journey and ongoing legal battles.
