British tech entrepreneur Mike Lynch is reported to be missing after a superyacht sank off the coast of Sicily on Monday.

The 59-year-old was sailing with a group off the Sicilian capital of Palermo when the boat got caught in a violent storm, Reuters reported citing a person familiar with the rescue operation.

His wife, Angela Bacares, was among those rescued, according to the Financial Times, which also reported his disappearance.

Lynch is the former chief executive of software company Autonomy, which was sold to Hewlett Packard in 2011 for $11 billion.

This is a developing story. Check back for updates.