Thoma Bravo has finalised the purchase of Darktrace for $5.32 billion (£4.25 billion).
This transaction translates to approximately $7.75 (£6.20) for each share, marking a 44% increase over the company’s average share value during the preceding three months. When Darktrace first appeared on the London Stock Exchange in 2021, its shares were priced at £2.50.
Darktrace, headquartered in Cambridge, uses autonomous AI to detect and respond to cyber threats through its Darktrace ActiveAI Security Platform. The company’s global customer base of approximately 9,400 underscores its unique position.
Darktrace chair Gordon Hurst said the acquisition price is a “fair value” for the shareholders, offering an “attractive premium.” He further stated that this acquisition would grant Darktrace “access to a strong financial partner” to bolster its status as a leading cyber AI enterprise based in the UK.
IIn August 2022, Thoma Bravo made an initial acquisition offer to Darktrace, valuing the company at a significantly lower £2.67 billion ($3.2 billion). However, the discussions were discontinued after a month.
Thoma Bravo’s acquisition of Darktrace is not its first foray into the London market for security software. In February 2020, the firm had previously acquired the esteemed British antivirus software company Sophos for $3.9 billion. Thoma Bravo’s investments in cybersecurity are currently estimated to be worth around $45 billion, with its managed assets totalling $138 billion.
Darktrace was established in 2013 by Invoke Capital, a venture led by Mike Lynch, the founder of Autonomy. Lynch currently holds a 3.9 per cent stake in Darktrace, positioning him to receive just above $200 million from the sale, while his wife possesses an additional 2.9 per cent.
Lynch is presently involved in a fraud trial in San Francisco, accused of being the “driving force” behind significant fraudulent activities at Autonomy, the software company he co-founded, managed, and sold to Hewlett-Packard for $11 billion (£8.6 billion) in 2011.
