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Cyber Agency Darktrace Shares Surge on Doable Takeover

By AFP on August 16, 2022

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Shares in British cyber safety agency Darktrace soared nearly a fifth Tuesday, reflecting a attainable takeover value a number of billion kilos by a US non-public fairness agency.

Darktrace inventory rallied almost 18 p.c, valuing the group at greater than £3.Four billion ($4.1 billion), after asserting it was “within the early levels of discussions with Thoma Bravo” to take it non-public beneath a money provide.

AJ Bell monetary analyst Danni Hewson famous that “Darktrace is in one of many hottest areas of the tech world, with demand for cyber safety rising amid concern over Russian cyber warfare linked to the battle in Ukraine”.

However Darktrace has confronted a rocky time since floating on the London inventory market in April final yr.

“The wild swings within the share worth, whereas linked to instability within the tech house and wider markets, do counsel that UK buyers have struggled to familiarize yourself with this complicated tech story,” mentioned Hewson.

“The controversy surrounding its co-founder Mike Lynch hasn’t helped Darktrace, as he continues to struggle extradition to the US on fraud fees,” she added.

Lynch has been accused of inflating the worth of software program group Autonomy previous to its sale to US tech large Hewlett Packard for $11.1 billion in 2011. 

In Might, Darktrace chief technique officer Nicole Eagan was named in a British Excessive Courtroom ruling towards Lynch.

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