Autonomy founder Mike Lynch was acquitted of fraud on Thursday by a San Francisco jury, marking a significant victory for the entrepreneur entangled in legal battles since the controversial sale of his company to Hewlett-Packard (HP) for $11 billion in 2011.
While the Autonomy acquisition initially ranked among the largest British tech transactions, it soured rapidly, resulting in HP writing down Autonomy’s value by $8.8 billion within a year.
Expressing his relief, Lynch, once likened to Apple cofounder Steve Jobs and Microsoft cofounder Bill Gates, stated, “I am elated with today’s verdict. I am looking forward to returning to the UK and getting back to what I love most: my family and innovating in my field.”
Abraham Simmons, a spokesperson for the Office of the United States Attorney, stated, “We acknowledge and respect the verdict.”
Throughout the three-month trial, jurors heard from over 30 government witnesses, including former HP CEO Leo Apotheker, who was terminated shortly after the Autonomy deal’s announcement.
Lynch also testified in his defense, denying any wrongdoing and attributing the integration failure between the two companies to HP. Prosecutors alleged Lynch and Chamberlain engaged in various financial maneuvers to inflate Autonomy’s finances, including backdated agreements and “round-trip” deals funneling cash to customers through fake contracts.
