Ex-Autonomy head to invest in tech start-ups: report

By Kevin McLaughlin on Jul 23, 2012 8:05 AM
Filed under Hardware

Starts investment fund.

Booted HP exec and Autonomy co-founder Mike Lynch is reportedly setting up an investment fund to develop fledgling technology companies around the world.

Lynch's Autonomy was acquired by HP last August. Lynch was shown the door in May after what CEO Meg Whitman described as "very disappointing" fiscal second quarter revenue for Autonomy.

He reportedly netted more than $US800 million from HP's $US10.3 billion acquisition of the company.

HP is looking for a new leader for the Autonomy business, bu has been unable to find a suitable candidate. Stouffer Egan, CEO of Autonomy's US operations, is currently the top executive listed on Autonomy's web site.

One source familiar with the matter told CRN that HP is looking to promote someone from within the company to lead Autonomy.

"They are currently looking at internal people to move to the Autonomy top job. They were not able to get anyone interested from outside," said the source, who requested anonymity.

Lynch has remained quiet since leaving HP. Most of his executive team, including Sushovan Hussein, president; Peter Menell, CTO; Nicole Eagan, CMO; Andy Kanter, COO; and Martina King, head of Aurasma, have departed since HP closed its acquisition of Autonomy last August.

Lynch is planning to enlist the expertise of the former Autonomy executives for the fund, Bloomberg reported. The fund will be based in London and invest globally.

Meanwhile, HP has yet to bring Autonomy products to the channel, much to the confusion of partners that are eager to add the technology -- which manages unstructured data such as emails, voice calls and social media -- to their product lineups.

HP says it is in the process of integrating Autonomy with its PartnerONE and AllianceONE programs, but the company has offered no indication of when that will happen, or if it will happen this year.

This article originally appeared at crn.com

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Ex-Autonomy head to invest in tech start-ups: report
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