Private equity firm Thoma Bravo is set to buy Darktrace, a cyber security solution provider, for about $5.32 billion in cash.
The agreed price of $7.75, or around 620 pence per share represents a 44 percent premium to Darktrace’s average share price in the three months to Thursday, Reuters news report said.
Revenue for Darktrace’s for three months ended 31 March 2024 was $176.1 million, reflecting year-over-year growth of 26.5 percent. Darktrace had 9,402 customers at the end of March 2024. Darktrace added 170 customers in the third quarter for a total of 999 new customers since March 2023.
“Thoma Bravo has been investing exclusively in software for over twenty years and we will bring to bear the full range of our platform, operational expertise and deep experience of cybersecurity in supporting Darktrace’s growth,” Thoma Bravo partner Andrew Almeida said.
Founded in 2013 with the backing of tech entrepreneur Mike Lynch, Darktrace uses artificial intelligence to detect attacks and vulnerabilities inside IT networks rather than building barriers at the perimeter.
