PE Firm Thoma Bravo Set To Buy British Cybersecurity Company Darktrace For $5.3B

Darktrace's clients for AI-based cybersecurity tools include Coca-Cola, Aston Martin

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Fatima Attarwala
Fatima Attarwala
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Fatima Attarwala is a business news writer and editor with a decade of experience researching, analyzing, and commenting on issues influencing the economy.
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Published April 26, 2024
Darktrace logo on a smartphone.

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KEY TAKEAWAYS

  • British AI cybersecurity company Darktrace said it approved a $5.3 billion buyout offer from U.S. private equity firm Thoma Bravo.
  • Darktrace shareholders would receive $7.75 a share if the sale goes through.
  • The share price reflects a 20% premium to the closing price on April 25, the last business day before the announcement.
  • Thoma Bravo's prior offer to acquire Dartrace fell through in 2022 after companies could not agree on the terms of the acquisition.

U.S. private equity firm Thoma Bravo, is set to buy British AI cybersecurity company Darktrace for $5.3 billion. Darktrace said its board unanimously approved the offer, sending its shares about 16% higher in London trading.

The British firm, which provides AI-based services to protect companies from cyberattacks, counts Coca-Cola (KO) and sports car maker Aston Martin among its clients, according to its website.

"The market remains fragmented, with few truly global players," Darktrace said of Thoma Bravo's investment in the firm. "Serving the world's largest customers and enterprises requires Darktrace to continually make significant technology investments and further scale globally, to ensure that its platform can stay ahead of changing cyber threats."

Darktrace shareholders would receive $7.75 a share if the sale goes through—a 20% premium to the London-listed firm's closing price on April 25, the last business day before the announcement.

A previous attempt by Thoma Bravo to buy Darktrace fell through in 2022 as both companies couldn't agree on the terms.

Cybersecurity firms that deploy AI are in heavy demand. Cisco Systems (CSCO), for instance, acquired cybersecurity provider Splunk for $28 billion in March.

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  1. Darktrace. "Recommended Cash Acquisition of Darktrace plc."

  2. Darktrace. "Darktrace in action."

  3. Darktrace. "Offer Talks Terminated."

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