Darktrace Plans Stock Market Debut

Uploaded on 2021-04-21 in BUSINESS-Services-IT & Telecoms, BUSINESS-Services-Financial, FREE TO VIEW

Darktrace, the British AI-driven cyber security firm based in Cambridge, is planning an Initial Public Offering (IPO) on the main markets of the London Stock Exchange at the end of April 2021.  The firm expects the money raised from the IPO to help strengthen its balance sheet and speed up product development. The likely valuation is expected to be as much as £3 billion.

Darktrace currently serves over 4,700 customers in over 100 countries, with more than 1,500 employees globally. The company said that it plans to float at least 20 per cent of its shares, with an option to release a further 15 per cent of shares to the market.

The company generated about £145 million in the year ending June 2020 and estimates that it is chasing a market worth £29 billion annually. Darktrace was valued at £1.16 billion in its last publicly-announced fundraising in 2018. Founded in Cambridge in 2013, Darktrace states that it is "a pioneer of autonomous response technology," which helps clients neutralise cyber threats across diverse digital estates, including the cloud and networks, Internet of Things (IoT) and industrial control systems.

"Our intention to list on the London Stock Exchange marks a major milestone in Darktrace's history of rapid growth, and a historic day for the UK's thriving technology sector," said Polly Gustafsson, the company's CEO. 

“We are proud to be part of that tradition of British innovation, as the UK becomes a leading global centre for the development of AI... As we look forward to the next chapter, I want to recognise the achievements of all Darktrace employees in challenging our industry with a new technological approach, serving our customers with game-changing solutions, and growing our business to become a global leader.  Our proven track record puts us in a strong position to build on our momentum, continue to innovate, and expand our customer base internationally," she added.

Darktrace's float is likely to involve the sale of about £250m of new and existing shares in the company.

Darktrace states that it is "a pioneer of autonomous response technology," which helps clients neutralise cyber threats across diverse digital estates, including the cloud and networks, Internet of Things (IoT) and industrial control systems. "With deep expertise in mathematics and machine learning, as well as operational experience defending critical organisational assets, Darktrace seeks to empower enterprises to defend their systems against the most silent and sophisticated cyber threats," the company states on its website.

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