Mike Lynch, once hailed as Britain's answer to Bill Gates, faces Hewlett-Pa...
LONDON - Mike Lynch, once hailed as Britain’s answer to Bill Gates, faces Hewlett-Packard in London’s High Court on Monday in a multi-billion dollar showdown over the U.S. tech giant’s purchase in 2011 of the Autonomy software business he founded.
HP is seeking damages of around $5 billion from Lynch and his former colleague Sushovan Hussain, alleging that they inflated the value of Autonomy before selling the big data firm, whose software searches and organizes unstructured information, such as telephone conversations. Autonomy was supposed to be the centerpiece of a plan to transform HP from a PC and printer maker into a software-focused enterprise services firm, a shift successfully undertaken by IBM in the previous two decades.
However, the stakes in the dispute escalated in November when Lynch and Stephen Chamberlain, another former Autonomy executive, were indicted for wire fraud in the United States, a charge that carries a maximum term of 20 years imprisonment.
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