British Tech Mogul Mike Lynch Acquitted of Fraud Charges, Now Missing After Yacht Sinking
British technology entrepreneur Mike Lynch, who was acquitted of fraud charges in June after a high-profile trial against Hewlett Packard (HP), is missing after the sinking of a superyacht off the coast of Sicily. The incident occurred early Monday morning as the yacht, named the Bayesian, capsized while anchored in Porticello, a small fishing village near Palermo. Local media reports attribute the sinking to a sudden and violent storm.
Lynch’s wife, Angela Bacares, is among the 15 people rescued from the capsized yacht. However, at least one person has died, and six others, including Lynch’s daughter Hannah, remain unaccounted for. Jonathan Bloomer, the chairman of Morgan Stanley International, his wife Judy, and Clifford Chance lawyer Chris Morvillo are also missing. The incident comes just two months after Lynch’s acquittal in a U.S. trial stemming from allegations that he inflated the value of his company, Autonomy, prior to its $11.7 billion sale to HP in 2011.
Key Takeaways:
- Mike Lynch, a prominent British tech entrepreneur and founder of Autonomy, is now missing after a superyacht he was on sank off the coast of Sicily.
- Lynch was acquitted of fraud charges in June, following a lengthy legal battle with HP over allegations that he inflated Autonomy’s value before its sale to the tech giant.
- At least one person has died, and six others, including Lynch’s daughter Hannah, are still missing after the yacht capsized.
Who is Mike Lynch?
Mike Lynch, 59, is a highly acclaimed British technology entrepreneur who founded the enterprise software firm Autonomy, and later established Invoke Capital, a venture capital firm focused on backing European tech startups.
Lynch’s legal battle with HP was a prominent issue for years following the tech giant’s 2011 acquisition of Autonomy. HP accused Lynch of artificially inflating the value of the company before the sale, ultimately taking an $8.8 billion write-down on Autonomy within a year of the acquisition. Lynch maintained his innocence throughout the legal proceedings, contending that HP mishandled the integration of Autonomy.
In 2023, Lynch was extradited from the United Kingdom to the United States to face criminal charges related to the HP allegations, including wire fraud and conspiracy. The accusations centered on claims that Lynch inflated Autonomy’s revenue starting in 2009 in order to entice a buyer.
Despite these allegations, Lynch was acquitted of all charges in a surprise victory earlier this year. The trial, which lasted three months, included Lynch testifying in his own defense and denying any wrongdoing.
Lynch and Autonomy were at the center of a high-profile trial that raised questions about the acquisition practices of large corporations and the complexities of measuring value in the tech industry.
"Britain’s Bill Gates"
Lynch’s journey to becoming a prominent figure in the tech industry started with a strong academic foundation. Born in Ilford, England, in 1965, Lynch earned a Ph.D. in signals processing and communications from the University of Cambridge. He went on to found his first company, Lynett Systems Ltd., in the late 1980s.
His most successful venture came with the founding of Autonomy in 1996. This company, which was a spinoff from his previous fingerprint recognition business, Cambridge Neurodynamics, quickly scaled to become one of Britain’s largest tech firms.
During his rise, Lynch earned the moniker "Britain’s Bill Gates" due to his significant influence and the company’s success. He served as an advisor to the British government on the Council for Science and Technology, and, at one point, was a board member of the BBC.
Lynch also backed successful tech companies in his later career, including Darktrace and Luminance. He played a crucial role in helping Darktrace, a cybersecurity company, and Luminance, a legal software startup, secure significant funding.
Darktrace itself has been the subject of controversy, facing allegations from short sellers regarding inflated revenues. The company was recently acquired by the US private equity firm Thoma Bravo for $5.32 billion.
Beyond Legal Battles: Cattle, Pigs, and Second Chances
Despite the legal challenges he faced, Lynch pursued a variety of interests outside of the tech world. He is known for his passion for farming, keeping cattle and pigs at his home in Suffolk, England.
"I keep rare breeds," Lynch revealed in an interview. "I have cows that became defunct in the 1940s and pigs that no one has kept since the medieval times and none of them have any Apple products whatsoever."
In an interview with The Times shortly before his disappearance, Lynch spoke about the emotional and financial toll of the legal battle with HP and how he felt a sense of rebirth after his acquittal.
"If this had gone the wrong way, it would have been the end of my life as I have known it in any sense," he told the newspaper. "It’s bizarre, but now you have a second life – the question is, what do you want to do with it?"
The sinking of the Bayesian and Lynch’s subsequent disappearance have thrown a somber light on his recent accomplishments and the weight of his legal battle. While the investigation continues, the tech world is left wondering about the next chapter in Lynch’s story, a story defined by both triumph and adversity.
