The Cambridge-based cybersecurity and artificial intelligence company Darktrace has agreed to a $5.3bn (£4.2bn) sale to US private equity business Thoma Bravo, making it the latest British technology champion to be acquired by a US suitor.
Darktrace, known for its cutting-edge technology, accepted an offer 44% higher than its average share price over the past three months. The company criticized the London stock market for undervaluing its technology, prompting fears of prestigious company listings moving to the US for better fundraising potential.
Thoma Bravo’s cash offer values Darktrace at $7.75 a share, allowing shareholders certainty about the value of their shares and enabling the company to grow in a stable and private setting. Despite its acclaimed cybersecurity technology, Darktrace’s valuation has lagged behind its peers.
Co-founding investor Mike Lynch, currently on trial for fraud and conspiracy in the US, will make nearly £300m from the sale of his shares. The sale could help fund Lynch’s legal battle against allegations of fraud related to his previous business, Autonomy.
Darktrace’s chief executive, Poppy Gustafsson, emphasized the company’s focus on building a world-leading cybersecurity company using unique artificial intelligence technology. Thoma Bravo praised Darktrace’s platform and capability in artificial intelligence, highlighting the importance of innovation in cybersecurity to combat complex and sophisticated cyber threats.