David Richards (businessman)
David Richards | |
|---|---|
 | |
| Born | 13 November 1970 |
| Nationality | British & American |
| Alma mater | |
| Known for | Founder & CEO WANdisco PLC |
| Spouse | Jane Richards |
| Children | 2 |
| Scientific career | |
| Fields | |
| Institutions | |
David James Richards MBE (born 13 November 1970) is a British entrepreneur, philanthropist and investor. He co-founded WANdisco, an Anglo-American software company specialising in distributed computing in 2005.[1]
After leaving WANdisco in 2023, Richards co-founded Yorkshire AI Labs, a Sheffield-based venture capital firm with an initial £10 million fund aimed at investing in Yorkshire-based technology businesses.[2] In February 2025, he was appointed to the Economic Growth and Investment Group of the Social Mobility Commission, an advisory body sponsored by the Cabinet Office. The group was established to drive regional economic development and support social mobility initiatives across the UK.[3]
Biography
[edit]He was born in Sheffield,[4] England in 1970, where his father worked in the steel industry. Graduating with a degree in computer science from the University of Huddersfield in 1992, he became an early member of the team at Druid Group.[5]
In the mid-1990s, Richards formed a SAP consulting company, which he sold in the late 1998 and moved to Silicon Valley. Raising $25m from venture capital, he founded business software company Insevo before creating Librados, which was acquired by Netmanage in 2004.[6]
WANdisco was incorporated in 2005 after a chance meeting between Richards and WANdisco chief scientist, Dr. Yeturu Aahlad. Richards recognized the potential of Aahlad's invention, and the two decided to create a company without the use of venture capital or angel investors.[7] In June 2012, the company was floated on the London Stock Exchange.[5]
Philanthropy
[edit]In 2017, Richards and his wife Jane donated stock valued at $1.5 million to create the charitable David and Jane Richards Family Foundation[8] to educate, empower and improve the lives of children.[9]
Richards cited frustration at the UK Government's efforts to teach computing skills to schoolchildren and consequently a lack of adequate skills in a future economy where artificial intelligence and automation are prevalent. He said "You can’t have all this money and hold on to it or buy a football team. There’s only so many houses you can live in. I think it’s better to do something good for the world."[10]
During the COVID-19 pandemic Richards co-founded Laptops For Kids, a charitable organisation to facilitate the donation, secure erasure, and distribution of used digital devices, enabling children from disadvantaged backgrounds to have access to the technology they need to participate in remote learning. He said "nearly one in 10 children living in households with no access to a laptop, desktop or tablet computer, the shift towards remote learning during the pandemic has excluded up to 1.77m young people from active schooling. No access equals no education. I am not prepared to let this injustice go unchallenged."[11]
Resignation from WANdisco and Related Controversies
[edit]In March 2023, David Richards stepped down as Chairman and Chief Executive Officer of WANdisco following the discovery of significant irregularities in the company's sales reporting. WANdisco announced the suspension of trading in its shares on the London Stock Exchange after uncovering what it described as a “potential material misstatement of its financial position.”[12]
Richards’ departure came as WANdisco launched an independent investigation into the discrepancies, which were later attributed to a single senior sales employee who had overstated purchase orders.[13] Following his resignation, Stephen Kelly, former CEO of Sage Group, was appointed as interim Executive Chairman to lead the company through a financial and operational restructuring process.[14]
Further controversy arose over a £361,000 sponsorship deal WANdisco had signed with Sheffield Wednesday Football Club in 2022, a team Richards publicly supported. The deal included prominent shirt sponsorship and was announced during a period of inflated company revenue figures. Following the investigation, WANdisco clarified that the sponsorship had not received proper board approval, raising questions about governance and oversight during Richards’ leadership.[15]
Richards' departure drew public and shareholder scrutiny, particularly after reports surfaced that he had refused to repay bonuses received during his tenure, despite the financial turmoil faced by the company.[16]
Richards' philanthropic initiatives, which had been partially funded by WANdisco shares, have also faced uncertainty following the collapse in the company’s valuation.[17]
Awards and honours
[edit]Richards was appointed Member of the Order of the British Empire (MBE) in the 2022 New Year Honours for services to the information technology sector and young people, particularly during Covid-19.[18][19]
He was awarded an honorary doctorate from The University of Sheffield (2023) for giving distinguished service or bringing distinction to the University, the City of Sheffield, or the region.[20]
He was awarded an honorary doctorate from Sheffield Hallam University (2017) in recognition of him being a champion of British technology and a passionate advocate of entrepreneurship.[21]
References
[edit]- ^ a b c d e "From Sheffield son to Silicon Valley multimillionaire". BBC News. London. 16 February 2014. Retrieved 16 February 2014.
- ^ "Tech boss David Richards opens up about losing £20m from 'devastating' WANdisco scandal as he launches new AI business venture". Yorkshire Post. Leeds. 6 January 2024. Retrieved 10 April 2025.
- ^ "Commission launches Economic Growth and Investment Group". Social Mobility Commission. London. 14 February 2025. Retrieved 10 April 2025.
- ^ Hurley, James (5 February 2012). "Steel City son David Richards stands out from Silicon crowd with a 'Made in Sheffield' twist". The Telegraph. London. Retrieved 16 February 2014.
- ^ a b "Happy to swim against the tide". Financial Times. London. 1 January 2013. Retrieved 16 February 2014.
- ^ "NetManage to acquire Librados". Silicon Valley Business Journal. Cupertino, CA. 22 September 2004. Retrieved 16 February 2014.
- ^ "Man of Steel". Director Magazine. London. 1 February 2013. Archived from the original on 25 February 2014. Retrieved 22 February 2014.
- ^ "Sheffield tech tycoon donates £1.1m for computer skills in schools". The Star. Sheffield. Retrieved 24 February 2018.
- ^ "Our Purpose". The David and Jane Richards Family Foundation. Retrieved 24 February 2018.
- ^ "Sheffield-born tech tycoon provides boost for computer science in schools". The Yorkshire Post. Retrieved 24 February 2018.
- ^ "How my Laptops for Kids innovation bridges digital divide – David Richards". The Yorkshire Post. Retrieved 24 November 2020.
- ^ Johnston, Ian; Kelly, Maxine (9 March 2023). "WANdisco suspends share trading and launches fraud probe". Financial Times. Retrieved 7 July 2025.
- ^ "WANdisco flags going concern issues on discovering potential fraud". Reuters. 9 March 2023. Retrieved 7 July 2025.
- ^ "Suspended software firm WANdisco's CEO and CFO step down". Reuters. 3 April 2023. Retrieved 7 July 2025.
- ^ "Fraud-hit WANdisco demands former chiefs repay six-figure bonuses". Sky News. Retrieved 7 July 2025.
- ^ "Former WANdisco chiefs snub company's plea to repay bonuses". Sky News. Retrieved 7 July 2025.
- ^ "Fraud-hit WANdisco demands former chiefs repay six-figure bonuses". Sky News. Retrieved 7 July 2025.
- ^ "No. 63571". The London Gazette (Supplement). 1 January 2022. p. N24.
- ^ "The Gazette Official Public Record: Order of the British Empire". Order of the British Empire Civil Division Central Chancery of the Orders of Knighthood. Retrieved 31 December 2021.
- ^ "Honorary graduates". University of Sheffield Online. 10 January 2023. Retrieved 16 January 2023.
- ^ "Inspirational figures set to receive honorary doctorates". Sheffield Hallam University Online. 20 October 2017. Retrieved 26 November 2017.