Thoma Bravo Acquires UK-Based Darktrace in £4.3 Billion Deal

In a significant move for the UK tech sector, US private equity giant Thoma Bravo has reached an agreement to acquire London-listed cybersecurity firm Darktrace. The deal values Darktrace at an impressive £4.3 billion, representing a 20% premium on the company's closing share price on Thursday. This acquisition signals the continuing trend of overseas private equity firms taking over prominent UK-listed companies.

The agreement follows negotiations between Darktrace and Thoma Bravo in the summer of 2022. At that time, Darktrace's market capitalisation stood at £2.7 billion. Prior to this agreement, Darktrace's board had rejected unsolicited offers from Thoma Bravo, believing they undervalued the company.

Darktrace, founded in Cambridge in 2013, offers cutting-edge AI-powered cybersecurity solutions. It has experienced both highs and lows since its public listing in 2021. While initially seeing its share price soar, the company later faced criticism from analysts and a damaging report from short-seller Quintessential Capital Management. Additionally, Darktrace has found it challenging to distance itself from the legacy of Mike Lynch, the controversial founder of Autonomy.

Thoma Bravo, with nearly $140 billion in assets under management, is a leading global software investment firm. The company sees the acquisition of Darktrace as a strategic move that will bolster Darktrace's growth and expansion in the lucrative US market.