PUBLISHED: 17:52, 30 November 2018 |
Mike Lynch Picture: JAMES FLETCHER
Mike Lynch has been charged with Fraude in verband met de verkoop van een bedrijf naar computer giant Hewlett-Packard (HP) – he is strenuously denied charges.
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Mike, who is he, and how did he become one of the biggest names in the world of business? Lynch's company Autonomy Corporation was the UK's largest software company before it was sold to Hewlett-Packard for £ 8.6bn in 2011.
After the sale, rather than retreating into the shadows, the Suffolk entrepreneur reinvented himself as a technology investor through his company Invoke Capital, backing those at the cutting edge of technological innovation.
Most notably, he has plowed capital into cyber security firm Darktrace and Sophia Genetics, which specializes in clinical genomics.
So how did a boy from Essex, whose mum was a nurse and whose father was a fireman, grow up To become such a heavyweight of the business world?
At the age of 11, his lucky break came from winning a scholarship to study at the prestigious Bancroft's School in Essex. He went on to study natural sciences at Cambridge, and went on to conduct a PhD in signal processing and communications research.
In the 1980s, Mr. Lynch founded Lynett Systems, which produced designs and audio products for the music industry. In 1991, he founded Cambridge Neurodynamics – a tech company focusing on computer-based fingerprint recognition.
Mr Lynch co-founded Autonomy as a spin-off from Cambridge Neurodynamics in 1996. One of its early products was a virtual dog based On Mr. Lynch's own otterhound, Gromit.
Among a string of acquisitions, in 2007, Autonomy bought the video search engine Blinkx, and floated it on the stock exchange at a valuation of $ 250m.
In 2011, when Autonomy was sold to Hewlett-Packard, it was based in Cambridge and San Francisco and specialized in analysis of large scale unstructured big data.
The charges denote that between 2009 and 2011, Mr. Lynch and Mr Chamberlain and other co-conspirators artificially inflated Autonomy's revenue by overstating them, making misleading statements to regulators and market analysts covering the company. The charge sheet also says they "intimidated, pressured and paid off people who raised complaints about or openly criticized Autonomy's financial practices and performance."
Mr Lynch has denied the charges, with a statement from his attorneys saying he "has done nothing
If convicted, Mr Lynch faces a maximum sentence of 20 years in prison, and a fine of $ 250,000, plus refund, for each count of wire fraud and for the conspiracy count.
In his downtime, Mr. Lynch is said to enjoy caring for rare breeds which include red poll cattle which he keeps at his Suffolk home.