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Darktrace CEO Poppy Gustafsson (left) said: “The group's technology is more important than ever in a world where the threat of AI-powered cyberattacks increases.”
Cybersecurity firm Darktrace said on Friday it had accepted a $5.3 billion takeover offer from US private equity firm Thoma Bravo, highlighting the British group's “competence in artificial intelligence”.
The cash bid comes after Thoma Bravo expressed interest in the acquisition two years ago.
“Darktrace is at the forefront of cybersecurity technology, and we have long admired its platform and artificial intelligence capabilities,” Thoma Bravo partner Andrew Almeida said in a statement.
“The pace of innovation in cybersecurity is accelerating in response to simultaneously complex, global and sophisticated cyber threats.”
Poppy Gustafsson, CEO of Darktrace, said: “In a world increasingly threatened by AI-powered cyberattacks, the group's technology is more important than ever.”
Darktrace, headquartered in the university city of Cambridge near London, was listed on the London Stock Exchange in 2021.
The cash deal announced on Friday is valued at $7.75 per Darktrace share, which Thoma Bravo said represents a 44% premium to the group's average share price over the past three months.
Shares soared 18% to 612 pence ($7.7) following the announcement.
Founded in 2013, Darktrace employs more than 2,300 people worldwide.
Gordon Hurst, Chairman of Darktrace, said: “This proposed acquisition gives Darktrace access to a strong financial partner in Thoma Bravo with deep software expertise and a best-in-class UK-based company. This will enhance the company's position as a leading cyber AI business.” in a statement.
The companies hope to complete the transaction in the second half of this year, subject to shareholder and regulatory approval.
Almeida said Thoma Bravo's “over 20 years of investing exclusively in software” brings “operational expertise and deep cybersecurity experience in supporting Darktrace's growth.” He pointed out that it can be done.
Ahead of Friday's announcement, Darktrace's stock price had rebounded sharply after independent auditor EY found the company had committed accounting fraud.
Explaining its decision to go private, Darktrace said: “The stock trades at a significant discount to its global peer group, and its operating and financial performance is not commensurately reflected in its valuation.” Stated.
takeover boom
The bid comes at the end of a week when London's stock market has been hit by takeover activity, helping the top-tier FTSE 100 index hit a record high.
British mining giant Anglo American on Friday rejected a blockbuster $38.8 billion takeover offer from Australian rival BHP, calling it “highly unattractive” and “opportunistic.”
Meanwhile, the takeover battle for British music rights holder Hypnosis Songs Fund took a new turn as American rival Concord increased its bid, slightly outweighing Blackstone's offer.
Concord on Wednesday offered $1.5 billion for Hipgnosis, whose catalog includes Justin Bieber, Shakira and Neil Young.
This is more than the original offer of $1.4 billion, which was preceded by a higher bid from U.S. asset manager Blackstone.
