Mike Lynch, man once dubbed ‘Britain’s Bill Gates,’ dies at age 59

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Mike ******, man once dubbed ‘Britain’s Bill Gates,’ ***** at age 59

Mike ******, 59, is the founder of enterprise software firm Autonomy. He was acquitted of ****** charges in June after defending himself in a trial over allegations that he artificially inflated Autonomy’s value in an $11.7 billion ***** to tech giant Hewlett Packard.

Chris Ratcliffe | Bloomberg | Getty Images

LONDON — British technology entrepreneur Mike ****** has been found ***** in the wreckage of his superyacht, which sank off the coast of Sicily earlier this week. He was 59 years old.

Just two months ago, ****** won a stunning victory in a landmark U.S. trial over allegations from Hewlett Packard that he had artificially inflated the value of his company Autonomy when he sold it to the U.S. enterprise tech giant for $11.7 billion in 2011.

Fears for ******’s life swirled earlier this week when he was reported missing after the sinking of a yacht — later confirmed as owned by his wife Angela Bacares — off the coast of Porticello, a small fishing village in the province of Palermo in Italy.

Bacares was one of 15 people rescued rescued following the yacht’s collapse earlier this week.

The anchored vessel, a 56-meter (184 feet) sailing yacht named the Bayesian, was hit by a violent storm early Monday morning.

Witnesses told local media the anchored boat, which was carrying 10 crew members and 12 passengers, descended rapidly after its mast broke.

******’s body was retrieved from the wreckage of the yacht Wednesday, a source familiar with the matter told CNBC Thursday. His daughter, Hannah, ******** unaccounted for, according to the source, who asked not to be identified due to the sensitive nature of the situation.

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the news.

‘Britain’s Bill Gates’

Born in Ilford, a large town in East London, to Irish parents in 1965, ****** grew up near Chelmsford in the English county of Essex. His mother was a nurse and his father was a fireman.

****** 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 ******, founder of Autonomy, speaks at a Confederation of British Industry conference in London, U.K., in 2003.

Graham Barclay | Bloomberg | Getty Images

From Bancroft’s, he attended the University of Cambridge, where he studied natural sciences, focusing on areas including electronics, mathematics and biology.

After completing his undergraduate studies, ****** completed a Ph.D. in signals processing and communications.

Toward the end of the 1980s, ****** founded Lynett Systems Ltd., a firm which produced designs and audio products for the music industry.

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.

But his big break came in 1996 with Autonomy, which he co-founded with David Tabizel and Richard Gaunt as a spinoff from Cambridge Neurodynamics. The company scaled into one of Britain’s biggest tech firms.

Autonomy’s software, made up of pattern-matching algorithms, was touted as a solution that could help employees abstract meaning from unstructured data, including web pages, email, video, audio, and text.

These pattern recognition techniques were based on so-called Bayesian inference, a method of statistical inference named after a theorem developed by 18th century statistician Thomas Bayes.

******’s luxury yacht, the Bayesian, was named after this mathematical model.

Autonomy founder Mike ****** poses at the company’s then-offices near Cambridge, U.K, on Thursday, July 19, 2007.

Graham Barclay | Bloomberg | Getty Images

After the ***** of his company to HP, ****** 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.

Legal battle with HP

However, ******’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.

****** soon became the target of a protracted legal battle with the U.S. tech giant, with HP suing ****** for $5 billion in damages over accusations that ****** had inflated Autonomy’s sales by about $700 million.

******, who had long denied the allegations, was extradited from Britain to the U.S. in 2023 to stand trial over the HP allegations.

This came despite pressure on the U.K. government from ******’s supporters not to allow his extradition.

U.S. prosecutors had filed ********* charges including wire ****** and *********** for an alleged scheme to inflate Autonomy’s revenue starting in 2009, partly to entice a buyer.

However, in a stunning victory in June, ****** was acquitted of ****** charges following trial. The trial lasted three months.

Mike ****** leaves the Rolls Building in London following the civil case over his £8.4 billion ***** of his software firm Autonomy to Hewlett-Packard in 2011. Picture date: Monday March 25, 2019.

Dominic Lipinski | PA Images | Getty Images

During the course of the trial, ****** took the stand in his own defense. He denied wrongdoing and told jurors that HP botched Autonomy’s integration.

Prosecutors had alleged ******, along with Autonomy’s now-deceased finance executive Stephen Chamberlain, who also ***** in a tragic car ****** Saturday, padded Autonomy’s finances in a number of ways.

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.

However, ****** told jurors he had focused on tech-related matters at Autonomy, not finances.

Accounting and money decisions were left to Autonomy’s then-chief financial officer, Sushovan Hussain, he said.

Hussain was separately convicted in the U.S. in 2018 on charges of ***********, wire ****** and securities ****** related to the HP deal. He was released from prison in January after serving a five-year sentence.

******’s influence on *** tech

Alongside founding Autonomy, ****** also runs Invoke Capital, a venture capital firm focused on backing ********* tech startups. He founded Invoke in 2012.

He became a key voice supporting the U.K. technology industry, backing key names like cybersecurity firm Darktrace and legal tech firm Luminance.

Publicly listed Darktrace, which had fended off similar allegations of inflating its revenue by U.S. short seller Quintessential Capital Management, earlier this year agreed to a deal to be bought out and taken private by U.S. private equity firm Thoma Bravo for $5.32 billion in cash.

****** was previously on the board of U.K. broadcaster BBC, and once also served as an advisor to the U.K. government on the Council for Science and Technology.

In 2014 and 2015, he made the

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, with an estimate net worth of $1 billion. However, while facing legal costs amid his dispute with HP, he dropped off that list in 2016.

Legal struggles aside, ****** had several hobbies to keep him busy, including keeping and caring for cattle and pigs at his home in Suffolk.

Mike ******, founder of software firm Autonomy, at the company’s headquarters in, Cambridge, U.K., Aug. 24,  2000.

Bryn Colton | Hulton Archive | Getty Images

“I keep rare breeds,” ****** told LeadersIn in a 2016

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. “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.”

Prior to his passing, ****** had reportedly returned to his farm in Suffolk, a county in the east of England, to recover from his U.S. legal battle, the local

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Just weeks before he was reported missing, ****** told The Times newspaper of how he feared dying in prison if found guilty over the HP allegations.

“‘If this had gone the wrong way, it would have been the end of my life as I have known it in any sense,” ****** said in the

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“It’s bizarre, but now you have a second life – the question is, what do you want to do with it?” he added.

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