U.S.-based private equity firm Thoma Bravo purchased British company Darktrace for $5.32 billion on Friday, according to reports.
The all-cash acquisition comes a day after another cybersecurity firm, Rubrik, went public in an initial public offering that some experts said could be a turning point for a battered tech industry. Well-known companies such as Google, Microsoft and Amazon announced layoffs in the first quarter of 2024, and contributed to the tech industry’s 16.5% makeup of the 257,254 job cuts in the period, according to a report by Challenger, Gray & Christmas report.
Thoma Bravo’s purchase of the cybersecurity artificial intelligence firm on Friday is in line with its other investments in a number of software companies, claiming on its website to be one of the largest software-focused investors with over $138 billion in assets as of Dec. 31.
According to its announcement, Thoma Bravo “recognizes that Darktrace is a pioneer in using self-learning artificial intelligence to neutralize cyber threats and automate responses to cyber incidents. …”
Thoma Bravo partner Andrew Almeida said Darktrace, which employs 2,300 people worldwide and has over 9,400 customers, “is at the very cutting edge of cybersecurity technology, and we have long been admirers of its platform and capability in artificial intelligence. The pace of innovation in cybersecurity is accelerating in response to cyber threats that are simultaneously complex, global and sophisticated.”
The deal is a 44.3% premium of its average price for the three-month period ending April 25. MSNBC reported that Darktrace shares were up 17% at 10:26 a.m. London time on Friday.
