Sunday 21 April 2019

Autonomy 'inflated sales', UK court told

Stock photo
Stock photo

Georgina Prodhan

TIPPERARY-BORN technology entrepreneur Mike Lynch artificially inflated revenue at Autonomy, his UK software company, before selling it to Hewlett Packard for $11bn (€9.7bn), the US firm's lawyer has told a London court.

HP is suing Autonomy founder Mr Lynch along with his former finance chief Sushovan Hussain for $5bn after the 2011 deal went disastrously wrong for the US group.

A year after the deal HP wrote down the value of Autonomy by $8.8bn, saying it had uncovered serious accounting improprieties.

Mr Lynch denies any wrongdoing.

The case continues in London's High Court.

Reuters

Irish Independent

Also in Business