The Rest Is Money 237. The extraordinary story of Britain’s first tech titan
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Dec 25, 2025 Katie Prescott, technology business editor at The Times and author of 'The Curious Case of Mike Lynch', dives into the fascinating life of Mike Lynch, Britain's first tech titan. She unpacks his rise to billionaire status with Autonomy and the dramatic fallout from its controversial sale to HP. Prescott reveals Lynch’s unique mindset, including a staggering 0.4% chance of acquittal during his fraud trial. The discussion also touches on conspiracy theories surrounding his tragic death and the enduring legacy he leaves in the tech world.
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Autonomy's Sky-High Valuation
- Autonomy sold enterprise search software and chose to sell to businesses rather than consumers unlike Google.
- The company floated at £4bn despite only £44m revenue, creating huge expectations and scrutiny.
Buying On Momentum, Not Scrutiny
- HP's $11bn purchase reflected urgency and confidence rather than deep skepticism or rigorous extra checks.
- Short due diligence and internal pressures at HP contributed to the purchase despite warning signs.
Revenue Timing Became An Addiction
- Autonomy used reseller deals to recognise revenue at quarter end and so hit guidance even when commercial value was doubtful.
- That practice created a recurring need to 'fill' revenue, turning into an accounting addiction.
