Cambridge-based cybersecurity and artificial intelligence company Darktrace has agreed to a $5.3bn sale to US private equity business Thoma Bravo, making it the latest British technology champion to be acquired by a US suitor. The offer, 44% higher than its average share price over the past three months, has been described as a move to give shareholders certainty about the value of their shares and enable the company to grow in a stable and private setting.
Darktrace’s technology, considered “cutting edge” by Thoma Bravo, has been undervalued according to the company’s board. This acquisition adds to the list of prestigious company listings leaving the FTSE for the US, raising concerns about the London stock market’s ability to retain top companies.
Despite its widely admired cybersecurity technology, Darktrace’s valuation has lagged behind its peers. The company’s co-founding investor, Mike Lynch, who is currently on trial for fraud and conspiracy in the US, has no formal role within the company but owns a significant stake. The sale will see Lynch and his wife make just under £300m from their shares, which could help fund his 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 artificial intelligence to address the growing threat of cyber-attacks. Thoma Bravo, known for its investments in software and cybersecurity, sees Darktrace as a leader in the field and is excited about the opportunities ahead.
The acquisition marks a new chapter for Darktrace as it continues to innovate in the cybersecurity space and expand its product portfolio to meet the evolving challenges of AI-powered cyber threats.