Autonomy's Mike Lynch counter sues HP over $11 billion deal

Reuters News
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Posted: Oct 01, 2015 10:08 AM

LONDON (Reuters) - British entrepreneur Mike Lynch on Thursday said he would file a claim against Hewlett-Packard for $150 million in damages over allegations the U.S company made about his role in the acquisition of his software company Autonomy in 2011.

Autonomy was a $11 billion bet on move into software for HP, but this strategy began to unravel only days after the deal was announced, documents have shown. Just over a year later, HP wrote off three-quarters of the deal's value, accusing Lynch and his colleagues of financial mismanagement.

The two sides have been locked in an acrimonious battle ever since.

(Reporting by Paul Sandle. Editing by Jane Merriman)