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Thoma Bravo and Darktrace agree on $5 billion deal, a blow for LSE
It has been one blow after another for the London Stock Exchange. This time around, it's a private equity deal for British cybersecurity company Darktrace.
The Cambridge-based company agreed on Friday to be bought by US firm Thoma Bravo for $US4.3 billion ($5.32 billion).
Thoma Bravo, an investment firm with over $138 billion in assets under management, focuses exclusively on software transactions. With the acquisition of Darktrace, Thoma Bravo intends to fuel the growth of the AI and cybersecurity company founded in 2013.
This proposed offering represents the next step in our growth journey, and I am excited about the many opportunities that lie ahead,” CEO Poppy Gustafsson said in a statement.
This adds to the growing number of UK listed companies which have been bought by private equity groups. For example, in October, Apollo Global Management, a US-based private equity firm, bought the group behind Wagamama restaurant chain for 506 million, according to THE Financial Times.
The Darktrace deal has not yet been approved by shareholders, but if given the green light, the companies said the buyout would be tentatively completed by the end of the year.
Darktraces shares were up 17.6% as of 1 p.m. London time.
The loss of UK-based Darktrace is a blow, given that the company was a shining example of the country's influence in cutting-edge technology. The company's shares soared after listing on the London Stock Exchange in 2021, rising 84% since then, but they have had their share of problems.
The British cybersecurity specialist was in talks with Thoma Bravo in 2022, but those talks broke down.
The company's board said Darktrace's success is not reflected in its current valuations because its shares trade at a lower level than its peers.
The proposed offer represents an attractive premium and an opportunity for shareholders to receive the certainty of cash consideration at the fair value of their shares, Darktraces Chairman Gordon Hurst said in the release. announcing the agreement.
A delicate story
Analysts believe the company is lagging behind its American rivals for various reasons, including the support of controversial businessman Mike Lynch, currently on trial in the United States for allegedly defrauding Hewlett-Packard.
His investment company, Invoke Capital, was Darktrace's founding investor. Autonomy, the company founded by Lynch and sold to HP in 2011, was once an admired technology company in the United Kingdom. However, HP claimed that the company's numbers exploded when it was sold to HP in a 11 billion dollars agreement. Autonomys' chief financial officer was sentenced to five years in prison in 2019. Lynch has denied the charges against him.
Some former Autonomy employees are part of Darktrace, including CEO Gustafsson, although they were not involved in Lynch's lawsuit.
Still, it has been difficult for the company to completely distance itself from its past ties to Lynch. Last year, Darktrace was targeted by short sellers who claimed the company's accounts had flaws. Also among the issues raised were British businesses' links to self-governance.
After an investigation into the company by EY, accountant of the Big Fourthe Darktraces slate was cleaned in July.
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