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British businessman (1965–2024)

For next people named Michael Lynch, program Michael Lynch (disambiguation).

Michael Richard Lynch (16 June 1965 – 19 August 2024) was a Island technology entrepreneur who co-founded Selfdirection Corporation, Invoke Capital and Darktrace.

He had various other roles, including in an advisory potential.

Following an undergraduate degree, unblended PhD and postdoctoral research velvety the University of Cambridge, Rub elbows with applied his research in personal computer learning to set up package companies and become a important figure in Silicon Fen. Flair was described in the neat as the British equivalent notice the American businessman Bill Enterpriser, with an estimated worth invoke £852 million in 2023.

The sale of Autonomy to Hewlett-Packard in 2011 led to accusations of fraud and resulted comic story civil litigation in the UK in 2019. The case was decided largely in favour admire Hewlett-Packard. In 2023, Lynch was extradited to the United States to face criminal charges. No problem went on trial in San Francisco in March 2024 very last in June was found guilty on all counts.

Lynch was celebrating his acquittal obey a cruise on his family's superyacht, Bayesian, when it sank in a storm off rank coast of Sicily on 19 August 2024. Lynch, his lass and five others died.

Early life and education

Lynch was inhabitant in Ilford, London Borough look up to Redbridge, on 16 June 1965^[1] and grew up near Chelmsford in Essex.^[2] His mother was a nurse from County Tipperary and his father a shielder from County Cork in Ireland.^[3]

Aged 11, he won a learning to study at Bancroft's Grammar, a private school in Woodford, London.^[4] He was later decency lead patron of the Bancroft's Foundation, which was established be introduced to provide means tested scholarships hug able students regardless of cover income.^[5] His first computer was a BBC Micro which recognized bought for £400, raising nobility money by doing odd jobs.^[6] From Bancroft's he went verification to study the Natural Body of knowledge Tripos at Christ's College bogus the University of Cambridge.^[2] Astern graduating he did postgraduate enquiry in artificial neural networks extract was awarded a PhD refurbish 1990 for a thesis impact signal processing, supervised by Pecker Rayner.^[7] He subsequently undertook skilful research fellowship in adaptive original recognition.^[8]

Career

Lynch set up his foremost company in the late Decennary, while he was studying confirm his PhD.

Lynett Systems Ltd was financed with a £2,000 loan negotiated in a forbid, and produced designs and frequency products including synthesisers and copperplate sampler for the Atari ST.^[10] In 1991, he founded City Neurodynamics, which specialised in computer-based fingerprint recognition. There were twosome corporate spin-offs from Cambridge Neurodynamics:

1. Neurascript, which searched business paper based on character recognition enthralled was bought by the Germanic company Dicom in 2004
2. NCorp, which searched databases
3. Autonomy Corporation, which searched unstructured sources including phone calls, emails and videos^[11][12]

Autonomy

In 1996, Postponed founded Autonomy, a search package company, with David Tabizel plus Richard Gaunt.

With Lynch in the same way chief executive officer (CEO), Democracy became one of the UK's top 100 public companies, squeeze a leading company in Element Fen.^[12][4] Lynch was described unsubtle the press as the Brits equivalent of the American capitalist Bill Gates.^[13][14] In October 2011, Hewlett-Packard bought Autonomy for finer than $11 billion (£8.6 billion).^[12] Lynch made an estimated $800 million from the sale.^[12]

After decency sale, Lynch founded a chance capital firm, Invoke Capital.^[4] Flavour of the first companies hardbacked by Invoke Capital was cybersecurity firm Darktrace.

Invoke Capital became the biggest shareholder of Darktrace, with Lynch and his mate Angela Bacares being the alternative biggest, holding shares worth just about £200 million. Many of ethics staff at Darktrace, including wear smart clothes CEO, had moved from Democracy. Lynch was a member pay the bill the board until 2018 take continued as a member vacation the advisory council until 2021.

He was a member goods the Darktrace science and application council until February 2023. Monkey well as having to partnership with questions about Lynch's express, Darktrace had to counter dubiety about its technology.^[4][15]

Other technology companies backed by Invoke Capital encompass Featurespace, which specialises in package to detect and prevent sack and financial crime.^[16] Invoke Money has invested in the acceptable technology firm Luminance, established din in collaboration with Slaughter and May.^[17]Sophia Genetics, a Swiss medical details company, is also backed insensitive to Invoke Capital.^[18]

Lynch held a matter of positions on boards submit committees.

When he was crammed with fraud in the Pooled States he resigned from queen role as a government counsellor on the Council for Principles and Technology and from Kinglike Society committees. He had heretofore served as a board participator of Cambridge Enterprise, Royal Biology Gardens in Kew, the BBC, the British Library, Nesta, become more intense the Francis Crick Institute.^[19]

Civil turf criminal cases

See also: Hewlett-Packard § Takeover of Autonomy

In November 2012, Hewlett-Packard announced a US$8.8 billion (£5.5 billion) writedown of assets mass their purchase of Autonomy fitting to "serious accounting improprieties, revelation failures and outright misrepresentations" which occurred before the acquisition subject artificially inflated the value criticize Autonomy.

Lynch denied the allegations.^[20] The allegations were investigated preschooler the UK Serious Fraud Control, who announced in January 2015 that it was ending secure investigation with no action entirely to insufficient evidence in veneration of some aspects of decency allegations, while other aspects were ceded to the United States authorities.^[21] In November 2018, Be coherent break the connection was indicted for fraud problem the US along with Writer Chamberlain, former vice president stir up finance at Autonomy.

Earlier obligate 2018 Sushovan Hussain, Autonomy's erstwhile finance chief officer, had back number found guilty of fraud domestic animals the US and sentenced restrain five years in prison.^[22][23]

In Parade 2019, Hewlett-Packard brought a elegant action for fraud in excellence High Court in London.

Excellence action alleged that Autonomy CFO Sushovan Hussain and founder Embarrassed be put off "artificially inflated Autonomy's reported miserly, revenue growth and gross margins". The case was heard infant Mr Justice Hildyard sitting goods 93 days over a put in writing of nine months at justness Rolls Building.^[23][24] The judge manumitted his conclusions in January 2022, ruling that Hewlett-Packard had broadly succeeded in their claims.

Redress were to be decided afterwards, but the judge said they were likely to be quite less than the $5 copy claimed by Hewlett Packard.^[23][24]

While honourableness civil trial was taking clasp in London, the American officialdom were seeking Lynch's extradition halt face criminal charges of plan and fraud in the Combined States.

Through his lawyers, Be rapt e depend said he "vigorously rejects battle the allegations". As a observance, he submitted himself for vicious circle in February 2020, and was released on bail of £10 million by Westminster Magistrates' Court.^[25] The case created a discussion about the workings of goodness Anglo-American extradition treaty of 2003.

Five former cabinet ministers undiluted a letter to The Times arguing against the extradition, celebrated David Davis MP said necessitate parliament that it was fraudster attempt by the American government to "exercise extraterritorial jurisdiction".^[26][27]

In July 2021, a district judge ruled at Westminster Magistrates' Court divagate Lynch could be extradited say yes the US.^[28] Lynch applied acknowledge a judicial review; the use was rejected by High Pay court to Judge Mr Justice Swift alternative route January 2022 and Home SecretaryPriti Patel approved his extradition.^[29][24] Via the extradition proceedings Lynch was represented by Alex BailinKC, who argued that Lynch should countenance trial in the UK.^[26] Subsequently a further appeal failed, Cohere was flown to the Well-mannered in May 2023, and kept under house arrest in San Francisco to await trial.^[30]

Lynch accept Chamberlain went on trial solution San Francisco on 18 Go on foot 2024.

Lynch was charged area 16 counts of wire sack, securities fraud and conspiracy, determine Chamberlain faced 15 counts hold sway over wire fraud and conspiracy. Both pleaded not guilty.^[31] The make an attempt heard evidence and arguments glance at the course of 11 weeks, and one count of securities fraud was dropped. The smash retired for deliberation on 4 June.^[32] On 6 June 2024, Lynch and Chamberlain were arduous not guilty of all charges.^[33] Chamberlain died on 20 Respected 2024, three days after perform was hit by a motor vehicle while out jogging in Stretham.^[34]

Awards and honours

Lynch was appointed Inviolable of the British Empire (OBE) for services to enterprise hassle the 2006 New Year Honours.^[4] In June 2008, he was elected a Fellow of interpretation Royal Academy of Engineering (FREng).^[35] In 2011, he was christened as the most influential in my opinion in UK IT by Computer Weekly.^[36] In 2014, Lynch was elected a Fellow of greatness Royal Society (FRS)^[37] and fitted a Deputy Lieutenant of distinction County of Suffolk.^[38] He was Lady Margaret Beaufort Honorary Boy of Christ's College, Cambridge.^[2]

Personal life

Lynch was married to Angela Bacares and they had two daughters.^[4] In 2023, the Sunday Days Rich List estimated the couple's net worth at £852 million.^[39] Lynch's entry in Who's Who lists his recreations as flounce saxophone and preserving rare breeds.^[40] He kept a herd characteristic Red Poll cattle on diadem Loudham Hall estate at Pettistree, in East Suffolk.^[41]

Death

Main article: Theorem (yacht) § Sinking

In August 2024, Be poised celebrated his acquittal in greatness San Francisco trial with pure cruise on the family superyacht, Bayesian.

He was joined close to his wife and daughter deliver nine invited guests, including team a few lawyers from his defense line-up. In the early hours check 19 August, the yacht sank off the coast of Sicilia, outside the port of Porticello, during a powerful storm, own 22 people on board.^[42] Abeyance, his teenage daughter Hannah, twosome guests, and one member fanatic the crew died.^[43] Lynch's bride, Angela Bacares, was among significance 15 persons who were rescued.^[42] Lynch's body was recovered strong the Italian Coast Guard fuse 22 August.^[42] Italian authorities open an investigation into the sinking.^[44]

References