Mike Lynch is honored after the tech mogul's death

Business and technology figures have paid tribute to Mike Lynch after the tech magnate's death was confirmed on Thursday.

Mr Lynch was confirmed to have died aged 59 after the luxury yacht Bayesian sank off the coast of Sicily.

He was the founder of the software giant Autonomy, which grew into one of the most important technology companies in the world.

David Tabizel, Lynch's co-founder of Autonomy, said, “It looks like we have lost our dear Dr. Mike Lynch. Rest in peace. The world has lost a genius. His family has lost a giant of a man.”

In addition to his work at Autonomy, Mr. Lynch has served on the boards of several prominent institutions, including the BBC and the British Library, and was a Fellow of the Royal Academy of Engineering.

Tim Davie, BBC Director General, said: “We are deeply saddened by the terrible news of the deaths of the people on board the Bayesian yacht.

“Mike Lynch was an outstanding BBC director who made a significant contribution during his tenure from 2007 to 2012.

“With his wisdom, generosity and vision, he played a particularly important role in accelerating our transformation to a digital organization.

“Our thoughts are with his family and everyone else involved.”

The academy honored its “mentor, donor and former council member” on Thursday.

A statement said: “The Trustees, members and staff of the Royal Academy of Engineering are deeply saddened by the passing of Mike Lynch and extend our deepest condolences to his family.”

“Mike was made a Fellow of the Royal Academy of Engineering in 2008 and we fondly remember the active role he has played in the past as a mentor, donor and former council member.

“He was also one of the founding members of the Corporate Committee.

“Our thoughts are with his family and friends at this time.”

British Library Chief Executive Sir Roly Keating said: “Mike’s exceptional understanding of technology, combined with his passion for the British Library’s mission of sharing knowledge, made him an invaluable member of our Board.

“He was thoughtful, compassionate and helpful and we will miss him dearly all of us who worked with him during his time here.”

Meanwhile, the chairman of the Francis Crick Institute described Mike Lynch as “a man of great ability”.

Mr Lynch was a member of Cancer Research UK's Create The Change fundraising committee, which helped fund the construction of the Institute, a biomedical research centre.

Lord John Browne said: “Mike Lynch should be remembered as the person who created a generation of deep tech entrepreneurs in the UK.

“His ideas and personal vision were an important contribution to science and technology in Britain and worldwide.

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“I would like to express my condolences to those close to him. We have lost a man of great ability.”

Michelle Mitchell, chief executive of Cancer Research UK, said: “We are deeply saddened by the death of Mike Lynch and everyone affected by this tragedy.

“Together with his wife Angela, Mike was a valued donor to Cancer Research UK and a board member of our Create the Change campaign which funded the construction of the Francis Crick Institute.

“His support has helped bring together leading scientists under one roof to tackle humanity’s greatest health challenges, including cancer.

“Our sincere condolences go out to all affected families.”

Mr Lynch's death was confirmed after a days-long search for the superyacht Bayesian, which sank in a storm off the coast of Palermo earlier this week.

He died just months after being acquitted in a 13-year legal battle over the £8.6 billion sale of Autonomy to Silicon Valley pioneer Hewlett Packard (HP).

Mr. Lynch was charged with orchestrating a fraud and conspiracy leading up to the 2011 deal that became a costly liability for HP.

The boat trip was a celebration of Mr Lynch's acquittal in this case.

The technology group TechUK also took part in the awards ceremony.

A spokesman said: “Mike Lynch was a hugely significant and groundbreaking figure in the UK technology sector.

“Our deepest condolences go out to all families and friends affected by these tragic events.”

By Alex Daniel, PA Media