Report: Ex-Autonomy CEO Planning Investment Fund For Tech Startups4:25 PM EST Fri. Jul. 20, 2012
Mike Lynch, the Autonomy co-founder who joined Hewlett-Packard when it acquired his company last August, is setting up a London-based investment fund to develop fledgling technology companies around the world, Bloomberg reported Thursday.
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 $800 million from HP's $10.3 billion acquisition of the company, which was announced last August.
HP is looking for a new leader for the Autonomy business, All Things Digital reported last month. So far, though, HP has been unable to find a suitable candidate. Stouffer Egan, CEO of Autonomy's U.S. operations, is currently the top executive listed on Autonomy's Web site.
One source familiar with the matter told CRN recently 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 and is likely bound by a non-disclosure agreement. Most of his executive team, including Sushovan Hussein, president; Peter Menell, CTO; Nicole Eagan, CMO; Andy Kanter, COO; and Martina King, head of Aurasma, has departed since HP closed its acquisition of Autonomy last August.
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.