In this photo illustration a DarkTrace logo seen displayed on a smartphone with stock percentages in the background.
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LONDON — British cybersecurity company Darktrace announced Friday that it has completed a sale to US private equity giant Thoma Bravo, for an all-cash offer of $5.315 million.
Darktrace shares were up 17.% as of 10:26 a.m. London time.
Investors are expected to receive $7.75 in cash for each share held, under terms recommended by the board.
The move will be seen as a blow to the London Stock Exchange, where it was listed in 2021. The company was seen as a welcome dynamic addition to a market often characterized as less attractive to technology companies than those in the United States. United or Asian, and filled with “old economy” players, such as mining companies and oil and gas companies.
Darktrace specifically referenced its belief that it is undervalued in the UK as the reason for the sale. In a statement, the board of directors believes that the company’s operational and financial “results” are not reflected in its valuation and that the shares trade “at a significant discount to its global peer group.”
Darktrace specializes in AI-powered cybersecurity for large businesses and events. It has approximately 2,300 employees located around the world.
Thoma Bravo said the company would increase its exposure to the large and growing cybersecurity market and the investment would help expand the company globally.
The deal represents a 44.3% premium to Darktrace’s weighted average share price in the three months to April 25, according to the release.
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