Sunday 20 April 2014

Irish boss of Autonomy wanted to take over Hewlett Packard from inside – claims

THE Irish head of the controversial software company Autonomy wanted to take over Hewlett Packard from the inside, it has been alleged.

HP bought Mike Lynch’s Autonomy for $10.4bn (€8bn) last year.

Mr Lynch left the company in May and this week HP wrote off the value of the company by $8.8bn and accused Mr Lynch and his company of effectively “cooking the books” to inflate its value before HP bought it.

Now, however, it has emerged that Mr Lynch seemingly believed he could take control of the computing giant from within.

“Mike and the team genuinely thought that they were taking over HP in order to transform the IT industry,” said one industry insider.”It was clear that Mike thought he had taken over HP”

“The attitude was that we were a Trojan horse within HP,” the person added.

Mr Lynch has vigorously denied any impropriety in Autonomy’s accounting practices before the buy out, insisting that extensive due diligence was done on the company.

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