Lynch raises €750m tech buyout fund
Published 17/02/2013 | 04:00
Mike Lynch, the Carrick-on-Suir-born software entrepreneur currently at loggerheads with Hewlett-Packard, has raised €750m to invest in new research-led technology companies.
The businessman has founded the Invoke Capital Fund with the support of some of his former executives in Autonomy, the Cambridge-based software firm he founded in 1996 before selling it to Hewlett-Packard for $10bn in 2011.
Autonomy ex-finance chief Sushovan Hussain is among those who have joined Lynch, who has also received investment from institutions and sovereign wealth funds to back his new fund.
Lynch plans to invest in emerging companies as well as being prepared to buy mid-sized companies and to help start-ups develop their products.
Invoke has already invested in security software business Featurespace, which monitors high-volume activity at an individual level in real time, in order to spot fraud before it occurs.
Separately, Lynch is being sued by Hewlett Packard after the technology giant revealed in November a $8.8bn write-down in the value of Autonomy.
HP is accusing Autonomy of making serious accounting errors and misrepresentations. These allegations are all denied by Lynch, who says that he is being "scapegoated" by HP to distract from what he termed the company's "flip-flopping" strategy.
Lynch has been dubbed 'Britain's Bill Gates' and is among Ireland's top 30 richest people, according to the Sunday Independent Rich List.