Mike Lynch, the British tech entrepreneur missing after the sinking of the superyacht Bayesian off the coast of Sicily, is one of the few UK entrepreneurs to have founded a global technology company. Despite being often compared to Bill Gates, Lynch’s story differs significantly from that of the Microsoft founder.
Lynch, 59, was recently cleared of 15 counts of fraud in the US related to the $11.1 billion acquisition of his company, Autonomy, by Hewlett-Packard in 2011. The legal battle had been a major chapter in Lynch’s life, causing him severe stress due to a pre-existing lung condition. He had expressed fears that the case could have led to dire consequences for his health and freedom.
Born in Ireland and raised near Chelmsford, Essex, Lynch’s academic background includes studying physics, mathematics, and biochemistry at Cambridge University. His doctoral thesis is noted as one of the most widely read pieces of research in the university library. Lynch’s early ventures in technology, including work on automatic number-plate, fingerprint, and facial recognition software, set the stage for his founding of Autonomy in 1996.
Autonomy’s software, based on Bayesian inference, quickly gained prominence for its ability to analyze large amounts of data. The company’s success was marked by its flotation in Brussels in 1998 and later its inclusion in the FTSE 100. Lynch’s achievements earned him various accolades, including an OBE in 2006 and roles as a science adviser to then-Prime Minister David Cameron and a non-executive director of the BBC.
However, the acquisition of Autonomy by HP in 2011, though initially a success, turned controversial. HP took an $8.8 billion writedown on the purchase a year later, citing “serious accounting improprieties” at Autonomy. Lynch spent much of the following years defending himself against these allegations, despite always denying any wrongdoing. The former finance director of Autonomy, Sushovan Hussain, was convicted of fraud in 2018, but Lynch remained a central figure in the ongoing legal disputes.
In 2022, Lynch lost a civil fraud case in the UK related to the HP acquisition. Though Mr. Justice Hildyard’s ruling was expected to lower the damages sought by HP, Lynch planned to appeal the decision.
In his professional life, Lynch was known for his personal touches at Autonomy, including Bond-themed conference rooms and a piranha tank in the office atrium. Outside of work, Lynch was reported to enjoy building model railways and breeding koi carp.
Since his acquittal in the US, Lynch had expressed concerns about the extradition treaty between the UK and the US and planned to address perceived imbalances in the legal system.
The sinking of the Bayesian has left Lynch, his 18-year-old daughter Hannah, and others missing. His wife, Angela Bacares, was rescued along with a one-year-old girl and others. Lynch and his family were reportedly worth £500 million according to the Sunday Times Rich List earlier this year.
