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Articles about Mike Lynch

Larry Page's new yacht, 'Senses'

Hey, HP shareholders! Mike Lynch is set to buy a 180-foot superyacht with his Autonomy loot

Mike Lynch, the man whose sale of software biz Autonomy to HP resulted in an $8.8bn writedown at the US titan and ongoing probes by the Serious Fraud Office, the US Justice Department and the SEC, is set to splash out some of his gains on an enormous yacht. Sources tell The Register that Lynch is engaged in purchasing a …
Paul Kunert, 12 Sep 2014

Ex-Autonomy boss Mike Lynch goes nuclear: Claims HP 'misleads' its own shareholders

Mike Lynch, former chief of HP-owned Autonomy, tossed an explosive shareholder letter onto the internet today – just hours before HP's annual investors' meeting in Santa Clara, California. The scathing missive alleges Hewlett-Packard has been "misleading" its shareholders about the reasons behind the computer giant's $8.8bn …
Jack Clark, 19 Mar 2014

'British Bill Gates' Lynch laments HP's Autonomy 'botch-up'

Mike Lynch, once billed as Britain’s Bill Gates, has lamented the handling of his former company Autonomy, saying Hewlett-Packard fumbled the acquisition. In a softball CNBC interview where he pushed his Invoke Capital venture fund, Lynch said Autonomy was the “next generation of software” until HP "dropped the ball". In …
Gavin Clarke, 16 Sep 2013
Mike Lynch

Lynch and his Autonomy inner circle depict selves as crime kingpins

The brash sales culture at Brit software biz Autonomy, since controversially sold to HP, was portrayed by co-founder Mike Lynch and his inner circle as being similar to organised crime in a prank corporate video which surfaced recently. The five minutes of hilarity - no honestly, it really is very tasteless funny - was quietly …
Paul Kunert, 05 Mar 2013
Mike Lynch

'Brit Bill Gates' Lynch: Only Mad Leo Apotheker understood Autonomy

The origins of Autonomy's declining fortunes can be traced back to the moment HP axed its former hapless CEO Leo Apotheker, claims Mike Lynch, the founder of the Brit software firm. This comes as Autonomy is accused of "accounting improprieties and misrepresentations ... prior to 2011 acquisition by HP" by the Palo Alto tech …
Paul Kunert, 22 Nov 2012

HP in 'serious' settlement talks over Autonomy legal bust-up

Hewlett-Packard seems poised to settle a lawsuit with shareholders over its $10.7bn purchase of Mike Lynch’s software company, Autonomy. The computer company said in a statement that it is in “serious discussions” to settle the suit, brought in November 2012 by angry shareholders. “No final deal has been reached yet,” HP said …
Gavin Clarke, 30 Jun 2014
paper cut-out men holding hands in linked semi-circle

HP and shareholders to gang up against 'Brit Bill Gates'

Hewlett-Packard and its disgruntled shareholders have settled three lawsuits related to the $10.7bn acquisition of British search specialist Autonomy. But the Autonomy fight is not over – far from it. Both sides have now agreed to co-operate in "potential litigation" against Autonomy’s former CEO Mike Lynch and members of his …
Gavin Clarke, 01 Jul 2014
Terror at 20,000 feet

'Everywhere I look ... it's bad': HP claims email shows Autonomy CFO panic, pre-buyout

In the latest court filing in HP's rancorous legal squabble with former Autonomy execs, the tech giant has revealed what it describes as a damning email from ex-Autonomy CFO Sushovan Hussain, prompting a spokesperson for the latter to again accuse HP of "smear tactics." HP is seeking to settle a lawsuit brought by its own …
Neil McAllister, 06 Sep 2014

HP says it will sue former Autonomy CFO Sushovan Hussein

HP has confirmed that it plans to sue Sushovan Hussain, the former chief financial officer of data analytics software firm Autonomy, whom HP claims "was one of the chief architects of the massive fraud" that forced HP to write down $8.8bn of the $10.2bn it paid to acquire Autonomy in 2011. In documents [PDF] filed with the US …
Neil McAllister, 04 Aug 2014
Gun and dollars

Ex-Autonomy execs: HP's latest wad blows apart fraud allegations

Another week, another round in the ongoing bunfight between HP and the former management team of Autonomy. This time, the ex-Autonomy bods have claimed that new court documents filed by HP prove the latter has misrepresented the reasons why it had to write down $8.8bn in its botched acquisition of Autonomy in 2011. In a lengthy …
Neil McAllister, 12 Sep 2014
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HP clinches six week extension on whether to join shareholders' suit against Autonomy

HP has said that it has made decisions about how to proceed with a case brought by its shareholders over the $8.8bn writedown for the acquisition of Autonomy – but it wants six more weeks to mull them over. The company was given until last Friday to think about recommendations by a committee of independent directors over the …

Autonomy's ex-chief beancounter tries to kill HP investor settlement

Autonomy's former chief financial officer has sought to block HP from settling three shareholder lawsuits over its botched acquisition of the British software company. The former exec claims HP will use the settlements to "forever bury" its supposed culpability in the calamitous buy. Sushovan Hussain, who served as Autonomy's …
Jack Clark, 21 Jul 2014

Probe into Autonomy allegations could take years - report

The federal probe into the alleged book-cooking at Autonomy prior to its acquisition by HP could take years to play out, according to reports. This will not be music to the ears of Mike Lynch, former CEO of Cambridge-based Autonomy, who stands accused, along with his fellow directors, of deceptive accounting irregularities that …
Paul Kunert, 12 Jun 2013
HP Autonomy homepage screen

US Air Force turns up dubious Autonomy accounting in reseller contracts probe

An investigation by the US Air Force into alleged accounting irregularities at Micro Technologies has unexpectedly dragged all that nasty business between HP and Autonomy back into the limelight. The USAF has been looking into MicroTech, which does a lot of business with government agencies – and, crucially, resells Autonomy …
apothekerCHANGES2

Autonomy ex-moneyman: 'Visionary' Léo would have made HP merger work

The former chief financial officer of Autonomy has struck back against HP's claims that he defrauded it and its shareholders, arguing that HP's execs were solely responsible for bungling the company's $10.2bn acquisition of Autonomy in 2011. "HP's Opposition swells with bile, but its sound and fury signify nothing," lawyers for …
Neil McAllister, 12 Aug 2014
Mike Lynch

'Brit Bill Gates' was powerless to stop HP's Autonomy acquisition

Mike Lynch didn't fall out of love with Hewlett-Packard, it was HP which didn't know what it wanted. So says "Brit Bill Gates" Mike Lynch, who has even suggested HP's initial advances under then chief executive Leo Apotheker were unsolicited - possibly even unwanted - and that he was powerless to stop the acquisition. Speaking …
Gavin Clarke, 01 Mar 2013
Mike Lynch

Autonomy founder attacks HP fraud charges with new website

British software entrepreneur and Autonomy founder Mike Lynch has launched a new website dedicated to airing his ongoing grievances with HP, which has accused him and other former Autonomy execs of misrepresenting the company's finances. The site, which is hosted at AutonomyAccounts.org, says it aims to provide "relevant …
Neil McAllister, 04 Dec 2012

Did HP just tip its hand on Autonomy? Spoiler: It was a busted flush

Autonomy has come under fire for a software deal between itself, reseller MicroTechnologies, and the Vatican – but all is not as it seems. A report published by Reuters on Friday attempted to shed light on HP-owned Autonomy's strange deal to sell technology worth $11.55m to MicroTechnologies, which was bidding on a contract to …
Jack Clark, 18 Jul 2014

HP 'KNEW' about Autonomy's hardware sales BEFORE the whistle blew: report

HP knew about Autonomy's hardware and reseller sales long before a whistleblower pointed them out and the company wrote down its acquisition by $8.8bn, the Financial Times has claimed (paywall), citing emails and Deloitte audit reports. HP has accused Autonomy of "accounting improprieties, misrepresentations and disclosure …
GCHQ Oakley Sign

Brit security startup turns to France for help

British security startup Darktrace has nabbed Andrew France, the former head of the UK government security snoops at GCHQ, as its chief executive. "We are delighted to welcome Andrew to the team," said Darktrace's chief operating officer Stephen Huxter in a canned statement. "Andrew's experience of national cyber operations and …
Jack Clark, 31 Jan 2014
Mike Lynch

UK financial watchdog bends Autonomy over for fresh probe

HP-owned software house Autonomy faces more probing, this time by the Financial Reporting Council (FRC). The British corporate governance watchdog announced today it will investigate allegations that the Brit biz overinflated its value by $5bn just before Hewlett-Packard bought it in 2011. HP's buy-up of Autonomy for $10.7bn is …
Anna Leach, 11 Feb 2013

Brit Bill Gates writes ANOTHER open letter to HP board

Former Autonomy mobster Mike Lynch wants HP to shine a light on the accusations of book-cooking made against him and his exec team when it holds the annual shareholder meeting later today. Good luck with that Mike, it's not the first time you've tried and been stonewalled by HP. In fact, when The Channel asked HP about its …
Paul Kunert, 20 Mar 2013

Blighty's SFO 'not conflicted' on Autonomy numbers probe

Blighty's Serious Fraud Office has said that there's no conflict of interest in its criminal investigation into Autonomy, despite reports that the SFO itself uses the firm's document management tool Introspect. The SFO was called in to look into allegations from new owners HP of accounting irregularities and misrepresentations …
Mike Lynch

Autonomy to HP: bollocks

The HP-Autonomy spat has, predictably, turned into a high-profile slanging match, with Autonomy founder Mike Lynch firing back at Meg Whitman via the Wall Street Journal. Hewlett-Packard has sensationally written down the value of the software company it acquired last year by nearly $US9 billion, and blamed Autonomy for “ …
management research

UK Serious Fraud Office queues up to probe HP's Autonomy allegations

The UK Serious Fraud Office has told The Register it is investigating allegations of accounting irregularities at Autonomy, the Brit software house gobbled by HP for $10.7bn in 2011. In November last year, Hewlett-Packard claimed Autonomy "outright misrepresented" its value in the months before its acquisition, causing HP to …
Gavin Clarke, 12 Mar 2013
sea_hp_sink

HP dangles axe over Autonomy salesmen, cash wad over coders

HP plans to lay off sales staff at Brit software subsidiary Autonomy while seeking to shore up the small biz's R&D. An internal memo penned by Robert Youngjohns, an exec hired from Microsoft last September, started with the good news first and claimed the tech titan is pumping more cash into software development overall. "As …
Paul Kunert, 15 Jan 2013
The Register breaking news

US, UK probe HP claims of accounting mischief at Autonomy

The US Department of Justice is investigating Hewlett Packard's allegations that British software company Autonomy cooked its books before it was bought up by HP. Hewlett Packard claimed accounting irregularities and financial misrepresentation at Autonomy led to HP's $8.8bn loss in the fourth quarter of 2012. HP paid $11bn for …
Anna Leach, 31 Dec 2012
management regulation2

Judge rules investors can sue Meg Whitman and HP over Autonomy

HP and its chief Meg Whitman will have to face claims from a shareholder class action lawsuit alleging the exec and her firm knew statements from Autonomy's management were misleading before the acquisition. US District Judge Charles Breyer ruled that investors can go ahead with claims against the company and Whitman, saying …
HP CEO Meg Whitman

Reg man grills HP Software big cheese

Traditionally HP Software was seen by many of its business partners on the hardware side of the house – and by default some of their customers – as a fragmented portfolio of specialist applications amassed via acquisition. Evidence of this was on display at Global Partner knees-ups in recent years when the auditorium filled up …
Paul Kunert, 18 Aug 2014
Mike Lynch

'Brit Bill Gates' defends his honour in open letter to HP board

Hewlett-Packard has slapped down former Autonomy boss Mike Lynch after he called for details of accounting charges made against him and for an explanation of what HP executives really knew. In an open letter to PC giant’s board, Lynch effectively accused HP of smearing him by releasing selected information to the media and he …
Gavin Clarke, 28 Nov 2012
The Register breaking news

HP loses Vertica big data boss

Chris Lynch, the boss of HP's Vertica subsidiary, has walked the plank. Vertica and its real time data analytics software was bought by HP in April 2010 for about $350m, according to SiliconAngle. This was then HP CEO Leo Apotheker's first software purchase. It was followed by the 2011 Autonomy acquisition, Apotheker's …
Chris Mellor, 19 Mar 2012

Lawsuit launched against HP following Autonomy catastrophe

Investors are suing HP over accusations that senior execs hid negative information on multibillion acquisition Autonomy which subsequently led to a share price collapse. It was only a matter of time before stockholders got legal representation following last week's spat, when HP wrote-down $5bn related to the Autonomy buy, …
Paul Kunert, 27 Nov 2012
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HP wanted to offload Autonomy on SAP, says SAP co-chief

HP tried to offload Brit software house Autonomy onto German giant SAP sometime before last month, it is claimed. Bill McDermott, co-chief exec of SAP, told the UK's Times that the firm had been approached by HP after it was told the business was "available", but SAP wasn't keen on the idea. "We were aware that it was on the …
sea_hp_sink

HP hires Youngjohns to head up Autonomy

HP has filled the Mike Lynch-shaped hole at the top of its Autonomy business with another Brit, Robert Youngjohns, the boss of Microsoft's North America empire. Lynch left the organisation early in the summer in a phased restructure that will see a total of 27,000 HPers – or 7.7 per cent of the workforce – leave by the end of …
Paul Kunert, 10 Sep 2012

HP's fraught union with Autonomy bears first fruit

HP has announced the first offspring of its mammoth $10.24bn (£6.6bn) union with British software firm Autonomy. The progeny, Autonomy IDOL 10, is a platform that pulls data from various sources including phone calls, email, social media and the web together with a company's data – such as customer logs – so it can be processed …
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Hits keep on coming: HP buys Autonomy for $11bn cash

HP has confirmed it is buying Cambridge-based enterprise software company Autonomy for $10.24bn (£6.2bn). The acquisition was half-confirmed during last night's conference call, when the ink giant said the two companies were "in talks". But a statement from Autonomy this morning said the two company boards had agreed a cash …
John Oates, 19 Aug 2011
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Unions urge under-fire HP workers to 'resist' job cuts

Unite and the Public Services Commercial (PCS) unions will form a tag team to "use every means possible" to safeguard the jobs of 1,600 HP UK employees under risk of redundancy. The tech monster revealed late last night that it is hitting the eject button for 27,000 workers worldwide – including Autonomy founder Mike Lynch – by …
Paul Kunert, 24 May 2012
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'HP has just days to cough what it knew about Autonomy'

HP will have to bare all in its beef with Autonomy's former management before the year is out, a former SEC advisor has suggested. Hewlett-Packard took an $8.8bn write-down last month after alleging accounting errors were made at Brit biz Autonomy in the weeks before HP acquired it for $10.7bn in 2011. In turn Autonomy co- …
Paul Kunert, 06 Dec 2012
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Oracle accuses Autonomy chief of telling 'whopper'

Autonomy boss Mike Lynch has continued to deny trying to flog his company to Oracle before the recent controversial deal with HP - despite the database giant's blunt claims that he is telling "whoppers". Lynch was responding to Oracle CEO Larry Ellison's previous remarks to the effect that Autonomy was shopped to Oracle before …
Chris Mellor, 29 Sep 2011
sea_hp_sink

HP cuts 27,000 workers

As rumored last week, IT giant Hewlett-Packard is slashing its employee count worldwide to squeeze more profits from its revenue stream. The job cuts are not as deep as some had been expecting, but are still going to be tough on the company. In a statement put out ahead of its conference call with Wall Street analysts, HP said …
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HP knew Autonomy was a duff buy, claim HP shareholders in $1bn suit

HP ignored numerous warning signs about the state of Autonomy's finances and accounting irregularities at the firm before acquiring it for $11bn, shareholders have alleged in a $1bn lawsuit. The investors are suing HP's current CEO Meg Whitman, her predecessor Leo Apotheker, former HP chairman Ray Lane and Autonomy founder Mike …
sea_hp_sink

HP: Autonomy had us believing in a false IDOL

HP has laid out the "accounting improprieties and misrepresentations" allegedly used by Autonomy to inflate its value just before HP bought the British biz. Hapless Hewlett-Packard yesterday took an $8.8bn bath on the acquisition following the findings of an internal probe. It said a senior member of Autonomy's leadership team …
Paul Kunert, 21 Nov 2012
hands waving dollar bills in the air

HP finally swallows Autonomy

HP has finally concluded the $10.24bn acquisition of Cambridge-based enterprise search and BI software firm Autonomy. The £25.50-per-share offer was given the green light by 87 per cent of Autonomy's shareholders last night - a whopping 79 per cent premium on the stock price on 18 August when HP first lodged the bid. Reaching …
Paul Kunert, 04 Oct 2011
The Register breaking news

HP itching to flog flaccid biz units: Are Autonomy, PSG in firing line?

Hewlett-Packard is considering selling or spinning out its weak business units but warned investors that any deals may not go smoothly. The troubled tech titan stated in its latest paperwork filed to US financial regulator the SEC: “We continue to evaluate the potential disposition of assets and businesses that may no longer …
Gavin Clarke, 02 Jan 2013
Leo Apotheker photo  by Jacoplane

Apotheker: HP board was just as culpable for Autonomy buy

Leo Apotheker reckons he shouldn't be forced to single-handedly carry the can for HP's calamitous acquisition of Autonomy when there are a bunch of board members that were equally at fault. The man spent 11 short months at the Silicon Valley giant, but this was more than enough to make an indelible mark - his tenure included the …
Paul Kunert, 17 Dec 2012

Hey HP: You may not rate Autonomy, EDS, but buyers do

Potential buyers are probing Hewlett-Packard over EDS and Autonomy, according to reports. Bloomberg reports that HP has received an “increase in enquiries” following a recent regulatory filing saying it would dispose of businesses that don’t meet goals. The Wall St Journal says overtures have come mainly from other US tech …
Gavin Clarke, 17 Jan 2013
hands waving dollar bills in the air

Quattrone blasts Ellison, says Autonomy is right

Investment banker Frank Quattrone has said Autonomy's Mike Lynch is right and Oracle is wrong: Mike Lynch did not shop Autonomy to Oracle - he did. Oracle, in a decidedly aggressive and blunt press release and website blitzkrieg, had said that Autonomy boss Mike Lynch, accompanied by Frank Quattrone, head of Qatalyst Partners, …
Chris Mellor, 30 Sep 2011
The Register breaking news

'Look, isn't there some way we can get Julian out of here?'

The HP v Autonomy spat rumbled on this week, as Hewlett-Packard continued to maintain that Autonomy had "inflated its value", leading HP to slurp it up for an unwise amount of money. HP has said that it had to write down $8.8bn on the acquisition and alleges that Autonomy shuffled the figures to make itself look good. Former …
The Register breaking news

Woz on Microsoft: Whoa! They really changed things drastically. Whoa!

This was the week when HP finally realised that maybe slurping Autonomy a year ago wasn't such a good idea after all. Back in the days of Mad Leo Apotheker, HP agreed to fork out over $10bn for the Cambridge-based enterprise search and business intelligence software firm in a bid to transform itself into a software and …
The Register breaking news

Are you lonesome tonight, tech firms? Let our dating service fix you up

With Dell happily married to itself thanks to some money from the private equity gods, and EE having signed up a whole bunch of sugar daddies to foot its bills, what other lonely hearts of the tech biz could use a date this Valentine's Day? Mature, big-boned mobile phone firm, still with a lot to give, seeks deep-pocketed friend …