- Michael Richard Lynch
-
Dr Michael Richard Lynch OBE, FREng is the co-founder and Chief Executive of Autonomy Corporation. His entrepreneurship is associated with Silicon Fen. He is a leader in the area of computer understanding of unstructured information, an area which is becoming known as meaning-based computing. In October 2011, Autonomy was sold to Hewlett Packard for $11bn,[1] making Lynch a dollar billionaire.[2]
Contents
Early life
He was born in Carrick-on-Suir, County Tipperary, Ireland, in 1965, but his family moved to England, where he grew up near Chelmsford, Essex. His mother was a nurse and his father a fireman.[3]
In 1976, aged 11, he won a scholarship to Bancroft's School, Woodford.[4] From there he went to Christ's College, Cambridge to study natural sciences. He combined mathematics, biological and physical sciences, taking the combination of advanced physics, mathematics and biochemistry in the IB Tripos. For part II, he chose electrical sciences where he first met Dr Peter Rayner, his mentor in the signal processing laboratory of the engineering department. After graduating he went on to do a PhD in signal processing and communications research from Cambridge University, and then undertook a research fellowship in adaptive pattern recognition.[5]
Entrepreneurial career
In the late 1980s, Lynch formed Lynett Systems Ltd, producing designs and audio products for the music recording industry.[6]
In 1991, he set up Cambridge Neurodynamics, which specialized in computer based finger print recognition.[7] Then in 1996, Lynch co-founded Autonomy Corporation.[8]
Described by the Financial Times as "the doyen of European software" and generally considered one of Britain's most successful technology entrepreneurs.[9][10] Lynch was profiled by the Sunday Times with a comparison as the nearest thing Britain has to Bill Gates[11] [12][13] He is perhaps best known as the co-founder and CEO of Autonomy Corporation, a company he grew from a start up to be the UK's largest software company. He is considered a rare example of a European academic turned technology entrepreneur who has taken a start up through to being a global leader.[14] In October 2011 Autonomy was sold to Hewlett Packard for $11Bn,[15] making it the largest ever European software tranaction and the second largest in history.[16]
Sir Ronald Cohen, founder of Apax which turned a 1.7million investment in Lynch's company into a 1 Billion return,[17] called Lynch his favourite entrepreneur in an interview in 2007.[18] According to the Sunday Times Rich List 2011, he was worth around £400m[19] before asking $800m from the sale of Autonomy to Hewlett Packard.[20]
Merrill Lynch sent an email to Autonomy's shareholders claiming Autonomy’ scientists had left the company.[21] The story was untrue but the stock fell sharply. Lynch was sent the email by a newspaper and went into print calling the email untrue.[22] Eventually the bank apologized for the false story.[23]
With the acquisitions of Verity, Zantaz and Interwoven, Lynch was able to raise hundreds of millions of dollars from city fund managers.[24] He has twice been a finalist for Investor Relations award of the year[25] and by 2009, was voted one of the top 25 best CEOs pan sector in Europe by fund managers in the annual Extel surrey.[26]
In September 2011, Lynch got into a spat with Oracle's CEO Larry Ellison, after Lynch had commented that some answers given by Oracle on the ability of databases to handle unstructured information were in his view incorrect. In response Oracle claimed Autonomy had been shopped to them at a meeting in April 2011. Lynch denied this and Oracle posted a powerpoint they said had been presented by him at the April meeting. However it turned out the powerpoint was not Lynch's and dated from a meeting between Oracle and a third party in January 2011. Newspapers questioned what Oracle was upto and saw it as part of a campaign against HP.[27]
Other Interests
In December 2006, he was appointed as a non-executive director to the board of the BBC (British Broadcasting Corporation).[5]
He is a trustee of NESTA the National endowment for science technology and the arts, and he is chairman of their investment committee.[28]
He is a non executive director of Blinkx plc and a government advisor in the area of science policy.[29]
Awards and media coverage
He was named Entrepreneur of the Year in 1999 by the Confederation of British Industry and was awarded the Institution of Electrical Engineers medal for outstanding achievement.[30]
Time magazine named Lynch in their 25 most influential technology people in Europe in 2000.[31]
The World Economic Forum presented Lynch with an award for Autonomy as a technology pioneer in 2000.[32] Lynch was awarded an OBE in the 2006 New Years Honours.[33]
He is an honorary fellow of Christ's College, Cambridge.[34]
In 2007, he was awarded Technology Entrepreneur of the year by the European Technology Forum at their 2007 conference.[35]
In March 2008, he was chosen Innovator of the year at the European Business Leader of the year awards 'EBLA'.[36] In June 2008, he was elected a fellow of the Royal Academy of Engineering.[37]
In October 2008, Silicon.com readers voted him one of the top five most influential people in technology along with Tim Berners-Lee, Steve Jobs, Jimmy Wales and Eric Schmidt.[38] In January 2009, Management Today chose him as entrepreneur of the year.[37]
The Financial Times has described Lynch as "the doyen of European software" [39]. PC Advisor has called him "Britain's most successful technology entrepreneur" [40] The Daily Telegraph has called him "Britain's Bill Gates". [41]
References
- ^ Profile: Mike Lynch The Guardian, 19 August 2011
- ^ HP extends £6.7bn Autonomy deadline Investors Chronicle, 13 September 2011
- ^ Business big shot: Mike Lynch of Autonomy The Times, 8 July 2008
- ^ OBA President's Report - 2009
- ^ a b BBC Press Office
- ^ Wikipatents
- ^ Security Group Seminar University of Cambridge
- ^ The Kindness of Strangers VNU Net
- ^ The Thoughts of Autonomy CEO Mike Lynch PC Advisor
- ^ Channel 4 News "Lynch on Gates: one man's verdict" 27 June 2008
- ^ James Ashton "Autonomy is at the heart of a new data revolution" Sunday Times, 1 February 2009
- ^ Profile: Mike Lynch, Autonomy founder The Telegraph, 16 October 2011
- ^ Mike Lynch sells his Autonomy to Hewlett-Packard Real Business
- ^ It may seem confusing but Autonomy can help The Times, 11 May 2009
- ^ Profile: Mike Lynch The Guardian, 19 August 2011
- ^ HP extends £6.7bn Autonomy deadline Investors Chronicle, 13 September 2011
- ^ [http://www.telegraph.co.uk/finance/4483299/Autonomy-stake-nets-Apax-1bn.html Autonomy stake nets Apax £1bn ] The Telegraph, 26 February 2001
- ^ Mike Foster "Buyout king Cohen tackles poverty trap Private Equity News, 21 January 2008
- ^ Sunday Times Rich List: Tech people on the up Tech Digest, 27 April 2009
- ^ British tech champion heads west Technology, 19 August 2011
- ^ What price Autonomy? IT Analysis, 13 February 2002
- ^ Merrill forced to pull Autonomy note Independent, 8 February 2001
- ^ Autonomy hammered after traders note
- ^ Autonomy to buy Zantaz for $375m, place shares Reuters, 3 July 2007
- ^ Barclays, Cookson and Detica Grand Prix Winners at IR Magazine Awards PR Newswire, 29 June 2009
- ^ Extel Survey: European Investor Relations 2009
- ^ The Oracle-H.P. Rivalry, PowerPoint Version New York Times, 29 September 2011
- ^ NESTA Board Members
- ^ Members appointed to Council for Science & Technology 10 Downing Street
- ^ Institute of Engineering Recipients of the Achievement Awards
- ^ "Mike Lynch - Autonomy" Time Europe
- ^ Autonomy Wins Global Technology Award At World Economic Forum
- ^ MBE for Soham murders detective BBC News, 31 December 2005
- ^ Christ's College, Cambridge
- ^ Innovation & Growth Forum
- ^ European Business Leaders Awards website
- ^ a b Royal Academy of Engineering
- ^ www.silicon.com "Agenda Setters 2008"
- ^ Financial Times
- ^ The Thoughts of Autonomy CEO Mike Lynch PC Advisor
- ^ Profile: Mike Lynch, Autonomy founder The Telegraph, 16 October 2011
External links
- Autonomy company website
- Neurodynamics company website
- "Good Listener". Director magazine. May 2011. http://www.director.co.uk/MAGAZINE/2011/5_May/mike-lynch_64_09.html.
- "Britain's first software billionaire". salon.com. July 2000. http://www.salon.com/tech/view/2000/07/10/autonomy. (interview)
- "The Quest for Meaning". Wired. February 2000. http://www.wired.com/wired/archive/8.02/autonomy_pr.html.
Categories:- 1960s births
- Living people
- Old Bancroftians
- Irish businesspeople
- Officers of the Order of the British Empire
- Alumni of Christ's College, Cambridge
- People from County Tipperary
- People from Chelmsford
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