Latest news with #HewlettPackardEnterprise
Times
15 hours ago
- Business
- Times
Mike Lynch's estate faces bankruptcy over £700m court order
Mike Lynch's estate looks likely to be wiped out after a High Court judge ordered it to pay more than £700 million in damages to Hewlett Packard Enterprise in one of the UK's biggest corporate fraud cases. Mr Justice Hildyard ruled in 2022 that Lynch had defrauded Hewlett Packard Enterprise (HPE) over the US tech giant's $11.7 billion (£8.7 billion) acquisition of his business software company, Autonomy, in 2011. On Tuesday morning, almost a year since the technology entrepreneur's superyacht sank off the coast of Sicily while he was celebrating his acquittal in a US criminal trial, Hildyard announced he had awarded HPE damages totalling about £730 million. The final figure could end up being substantially higher once interest is factored in after a final hearing scheduled for November. Lynch's family indicated they would consider appealing against the ruling. Hildyard concluded that had Autonomy's accounts been properly stated, HP and Autonomy would have probably struck a deal that valued each Autonomy share at £23 rather than the £25.50 that it paid. The Silicon Valley company had demanded $4 billion, far more than the $516 million that Lynch, who was 59 when he died last August, was estimated to have earned from the takeover. Hildyard said that HPE's claim 'was always substantially exaggerated'. In a statement written by Lynch before his death, the tech tycoon said the ruling confirmed that HPE's original claim was 'not just a wild overstatement . . . but it was off the mark by 80 per cent'. He added: 'Today's judgment is a view that Autonomy's actual value was not even 10 per cent below the price HP paid. This result exposes HP's failure and makes clear that the immense damage to Autonomy was down to HP's own errors and actions.' A spokesman for HPE said: 'We are pleased that this decision brings us a step closer to the resolution of this dispute. We look forward to the further hearing at which the final amount of HPE's damages will be determined.' The damages will be paid for out of Lynch's estate. In the latest Sunday Times Rich List, the Lynch family's assets were valued at £473 million. Many assets are in the name of Angela Bacares, his widow, including Loudham Hall, their Suffolk estate, and shares in the cybersecurity business Lynch backed called Darktrace, which were sold for more than $300 million last year. If HP can prove these assets were really his, they could be targeted. HPE bought Autonomy, a pioneer in 'big data' analytics founded by Lynch in 1996, in 2011. Within months of the deal's completion, HPE claimed that Lynch and his finance chief, Sushovan Hussain, had used accounting tricks to make Autonomy appear far bigger, and financially healthier, than it was. The sale sparked more than a decade of costly litigation and investigations. In 2018, Hussain was convicted of fraud in the US and sentenced to five years in prison. He was released in January 2024 and settled with HPE in this case for an undisclosed sum earlier this year. In 2021, the Financial Reporting Council, the UK's accounting watchdog, fined Deloitte £15 million for 'serious failures' over its audit of Autonomy's accounts. After a long extradition battle, Lynch was sent to the US in 2023 to face a jury in California, but he was acquitted, along with Stephen Chamberlain, Autonomy's vice-president of finance, last June, shortly before the yacht accident in August. According to an interim report from British marine investigators, at about 4am on August 19 last year while the Bayesian was anchored off the town of Porticello, the 56m (184ft) boat was violently knocked sideways by a sudden 80mph gust. Water suddenly started cascading in and Bacares was pulled out of the vessel by a crew member. Others however, including Lynch and their 18-year-old daughter, Hannah, never made it out of the boat as it sank 45m to the sea bed. The conclusion of the UK legal proceedings has been in limbo since the maritime tragedy. Although HPE wanted $4 billion, few thought it would get that much. Hildyard said in his original findings that the US company was unlikely to get the sum it was after, because HP may well have bought Autonomy, regardless of the fraud.
Bloomberg
16-07-2025
- Business
- Bloomberg
Direct Listings Join US Equity Market Revival
Hi, it's Anthony Hughes in New York, looking at the return of direct listings in the US. Also today, HPE pledges to work with activist Elliott to boost value. Today's top stories
Reuters
16-07-2025
- Business
- Reuters
Hewlett Packard signs cooperation deal with Elliott, adds tech veteran to board
July 16 (Reuters) - Hewlett Packard Enterprise (HPE.N), opens new tab has entered into a cooperation agreement with activist investor Elliott Investment Management, the server maker said on Wednesday. As part of the agreement, the company's board has named KLA Corp (KLAC.O), opens new tab Chairman Robert Calderoni as director. Elliott had built a stake of more than $1.5 billion in Hewlett Packard Enterprise, a person familiar with the matter had said in April.
CNA
16-07-2025
- Business
- CNA
Hewlett Packard signs cooperation deal with Elliott, adds tech veteran to board
Hewlett Packard Enterprise has entered into a cooperation agreement with activist investor Elliott Investment Management, the server maker said on Wednesday. As part of the agreement, the company's board has named KLA Corp Chairman Robert Calderoni as director. Elliott had built a stake of more than $1.5 billion in Hewlett Packard Enterprise, a person familiar with the matter had said in April.
Time Business News
15-07-2025
- Business
- Time Business News
Sary Alkayyali: Recognized as IFGICT Professional Member
In the rapidly accelerating landscape of digital transformation and Artificial Intelligence, certain leaders stand out for their profound impact and extensive expertise. Sary Alkayyali, a distinguished Jordanian digital transformation and AI leader based in Riyadh, Saudi Arabia, is one such individual. With an impressive career spanning over 25 years in IT strategy, enterprise architecture, and operational excellence, Sary Alkayyali has been deservedly granted the prestigious Professional Member grade by the International Federation of Global ICT (IFGICT). This recognition highlights his significant contributions and unwavering commitment to advancing technology across the Middle East. Sary Alkayyali's influence extends across critical sectors, including telecom, finance, healthcare, and the public sector, where he has consistently led major technology initiatives. His rich background includes pivotal leadership roles at globally renowned consulting firms like Hewlett Packard Enterprise (HPE), Deloitte, and Devoteam, shaping the technological future of numerous organizations. Currently serving as a Technical Program Manager at Norconsult Telematics, Sary Alkayyali continues to drive innovation and strategic technological advancements. Sary Alkayyali's journey in the IT realm is a testament to his strategic vision and deep understanding of complex technological ecosystems. His 25+ years of experience are not just a measure of time but a reflection of continuous growth, adaptation, and leadership in an ever-evolving field. His expertise lies at the intersection of IT strategy, enterprise architecture, and operational excellence, enabling him to craft and implement solutions that deliver tangible business value. Throughout his career, Sary Alkayyali has been instrumental in shaping the IT landscape of the Middle East. His work has involved orchestrating intricate digital transformation programs, designing robust enterprise architectures that support future growth, and optimizing operational processes for enhanced efficiency and performance. This comprehensive approach has made him a trusted advisor and leader in the region's digital evolution. One of Sary Alkayyali's defining strengths is his exceptional ability to align IT initiatives with core business objectives. He understands that technology, at its most effective, is a catalyst for achieving strategic organizational goals. This philosophy has guided his work in delivering a wide array of impactful solutions: Transformative Business Applications: He has overseen the development and implementation of critical business applications that streamline operations, improve customer experiences, and unlock new revenue streams. He has overseen the development and implementation of critical business applications that streamline operations, improve customer experiences, and unlock new revenue streams. Real-time Performance Dashboards: His expertise in data visualization and analytics has led to the creation of real-time performance dashboards, providing organizations with immediate insights into their operations, facilitating proactive decision-making. His expertise in data visualization and analytics has led to the creation of real-time performance dashboards, providing organizations with immediate insights into their operations, facilitating proactive decision-making. National Digital Transformation Programs: Perhaps most notably, Sary Alkayyali has been at the forefront of national-level digital transformation programs, contributing significantly to the digital infrastructure and services of entire countries in the Middle East. These large-scale initiatives require not only technical prowess but also a deep understanding of governance, policy, and stakeholder management. Sary Alkayyali's commitment to continuous learning and professional development is evident in his impressive academic and certification portfolio. He holds an Executive MBA from the prestigious IE Business School, equipping him with a strong foundation in business acumen and strategic management. This business-centric approach complements his technical expertise, allowing him to bridge the gap between technology and commercial success. In addition to his MBA, his professional certifications underscore his comprehensive knowledge and adherence to industry best practices: TOGAF: Demonstrating mastery in enterprise architecture frameworks. Demonstrating mastery in enterprise architecture frameworks. ITIL Expert: Signifying expertise in IT service management. Signifying expertise in IT service management. PRINCE2: Highlighting proficiency in project management methodologies. Highlighting proficiency in project management methodologies. Security Certifications: Reflecting his understanding of crucial cybersecurity principles and practices. Reflecting his understanding of crucial cybersecurity principles and practices. Modern Digital Technologies: Staying abreast of the latest advancements in the digital sphere, ensuring his strategies are always cutting-edge. These certifications not only validate his skills but also ensure that his leadership is grounded in globally recognized standards and methodologies. Sary Alkayyali's career trajectory includes significant leadership roles at some of the world's leading consulting firms, each experience adding layers to his multifaceted expertise: Hewlett Packard Enterprise (HPE): His tenure at HPE involved working with cutting-edge infrastructure and enterprise solutions, contributing to large-scale deployments and strategic IT planning for major clients. His tenure at HPE involved working with cutting-edge infrastructure and enterprise solutions, contributing to large-scale deployments and strategic IT planning for major clients. Deloitte: At Deloitte, he gained invaluable experience in strategy consulting, working with diverse clients to solve complex business and technology challenges, and driving large-scale transformations. At Deloitte, he gained invaluable experience in strategy consulting, working with diverse clients to solve complex business and technology challenges, and driving large-scale transformations. Devoteam: This role further honed his capabilities in technology consulting, particularly in areas of digital transformation, cloud adoption, and IT modernization for various organizations across the Middle East. These experiences have provided Sary Alkayyali with a unique vantage point, exposing him to a wide range of industry challenges and best practices, and solidifying his reputation as a versatile and effective technology leader. The International Federation of Global ICT (IFGICT) Professional Member grade is a significant accolade that recognizes individuals who have demonstrated substantial expertise, experience, and leadership in the ICT domain. For Sary Alkayyali, this recognition by IFGICT is a powerful endorsement of his remarkable 25-year journey in the field. It acknowledges his consistent track record of: Strategic Vision: His ability to foresee technological trends and align them with long-term business goals. His ability to foresee technological trends and align them with long-term business goals. Technical Proficiency: His deep understanding of various IT domains, from enterprise architecture to modern digital technologies. His deep understanding of various IT domains, from enterprise architecture to modern digital technologies. Leadership Acumen: His capacity to lead complex projects, manage diverse teams, and drive organizational change effectively. His capacity to lead complex projects, manage diverse teams, and drive organizational change effectively. Regional Impact: His significant contributions to digital transformation across the Middle East. This IFGICT Professional Member status reinforces Sary Alkayyali's position as a thought leader and an influential figure in the global ICT community, particularly within the Middle East region. It signifies a commitment to professional excellence and adherence to the highest standards in the industry. As Sary Alkayyali continues his impactful work as a Technical Program Manager at Norconsult Telematics, his focus remains on leveraging his extensive experience to drive the next wave of digital transformation and AI adoption. His current role allows him to apply his strategic insights and technical leadership to solve contemporary challenges in telematics, a sector at the forefront of connected technologies. Residing in Riyadh, Saudi Arabia, Sary Alkayyali is strategically positioned at the heart of one of the world's most ambitious digital transformation initiatives. His expertise is invaluable in a region rapidly diversifying its economy through technological innovation. The IFGICT Professional Member grade serves not just as a recognition of his past achievements, but also as an affirmation of his ongoing role in shaping the digital future of the Middle East and beyond. His dedication to aligning IT with business objectives ensures that the solutions he spearheads are not just technologically advanced, but also truly impactful and sustainable. TIME BUSINESS NEWS
