Michael Lynch was sometimes called the Bill Gates of Britain before fraud allegations sullied his reputation. Photo: Graham Barclay/Bloomberg News Michael Lynch Was a Titan of British Tech. Then He Got Crosswise With HP
Lynch was CEO of the software firm Autonomy when HP bought it for $11 billion, a deal that's gone down as one of the biggest flops in M&A history. Prosecutors allege he duped the Silicon Valley giant into overpaying by inflating Autonomy's financial performance at a time the company was tanking.
March 14, 2024 at 07:38 AM
8 minute read
Technology Media and Telecom
What You Need to Know
- A fraud trial for former Autonomy CEO Michael Lynch and former Vice President of Finance Stephen Chamberlain starts Monday in San Francisco and could last more than 10 weeks.
- HP wrote down the value of Autonomy by $8.8 billion in 2012, a year after buying it for $11 billion.
- HP says Autonomy overstated its revenues and profits, but Autonomy says HP is making it a scapegoat to cover up its own incompetence.
It's been more than a decade since British tech entrepreneur Michael Lynch sold his software company, Autonomy, to Hewlett-Packard for $11 billion. Now he's facing the risk of serious prison time.
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