Visa to Acquire Featurespace for £700m

Featurespace, a British fraud detection company based in Cambridge, is reportedly in advanced negotiations for a sale to Visa, the American payments giant, potentially valued at over £700 million. The discussions come shortly after the passing of Mike Lynch, a prominent technology entrepreneur and investor in Featurespace through his firm, Invoke Capital. Lynch served as a non-executive director for the company for over a decade, contributing significantly to its development and success in the artificial intelligence sector. Founded in 2008, Featurespace has established itself as a leader in fraud detection, with notable clients including HSBC, NatWest Group, and Worldpay. The company has raised approximately £100 million from various investors, including Insight Venture Partners and Highland Europe, to support its growth and innovation. Lynch's involvement was pivotal, as his personal investment and guidance helped shape the company's trajectory. In a tribute to Lynch, Featurespace expressed its sorrow over his loss, highlighting the impact of his intellect and commercial insight on the company's founders. Lynch's legacy extends beyond Featurespace; he was also instrumental in the establishment of Darktrace, a cybersecurity firm recently acquired by Thoma Bravo for £4.25 billion. As Featurespace navigates this potential acquisition, the technology sector reflects on Lynch's contributions and the future of the company he helped build. Meanwhile, Italian prosecutors are investigating the sinking of the Bayesian, considering possible manslaughter charges.