Cybersecurity giant Darktrace听is expected听迟辞听IPO听at the听end of the month after announcing its听鈥榠ntention to float鈥�听to the听London Stock Exchange.听
The company is expected to be valued at 拢2.5-3 billion听after听it听filed registration documents this morning.听
Darktrace鈥檚听self-learning security technology defends more than听4,500 organisations worldwide by听autonomously detecting, investigating and responding to threats from insiders, remote working, ransomware, data loss and supply chain vulnerabilities.听听
It has not been a straightforward road to its planned launch on the main market of the LSE.听UBS resigned听as one of听its main IPO听sponsors, with reports claiming that this was due to the role of billionaire tech entrepreneur听Mike Lynch, who is battling extradition to the US, in the company.听
Lynch听became听the听first shareholder in Darktrace听through his investment company听Invoke Capital,听which听remains Darktrace’s biggest shareholder.听However,听Lynch听no longer听has听any听direct involvement with the running of the company听and听stepped down from the Darktrace board in 2018.听听
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Cambridge-headquartered听Darktrace听is also pressing ahead despite the disastrous IPO of food delivery disrupter Deliveroo.听Darktrace has opted against issuing dual-class shares, unlike Deliveroo founder听Will Shu, whose decision to give himself 20-times the voting rights of other听shareholders听was widely criticised.听
Darktrace,听which has 1,500 employees and 44 office locations,听recently appointed former BT CEO听Sir Peter Bonfield CBE听and听Lord Willetts, the former science minister,听to its board, as well as听appointing听 new听chairman in听Gordon Hurst, who also chairs听Featurespace.听
It also dropped co-CEO听Nicole Eagan, who is based in the US, to the position of head of strategy, with听Poppy Gustafsson听now its sole chief executive ahead of听the听planned听float.听
Gustafsson,听a former Autonomy colleague of听founder听Lynch and now an adviser to Boris Johnson, is expected to hold 拢20听million听of shares following the IPO.听
From fiscal year 2018 to fiscal year 2020 the听group’s revenue has grown from $79.4m to $199.1m. Adjusted EBITDA has improved from a $27m loss to a $9m profit over the same period.听
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“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,鈥� said听Gustafsson.听
鈥�Since our foundation in 2013, our mission has been to apply fundamental technology to one of the most critical challenges facing organisations in all sectors: cyber security.听Every second, Autonomous Cyber AI responds to an attack without requiring human intervention – transforming the organisation’s ability to protect their most critical data and intellectual property.听听听
鈥�Darktrace’s success has been built on the shoulders of giants: our world-leading position is testament to the strength of the UK’s world-leading science base and long history of mathematical discovery and computing inventions, from Charles Babbage and Ada Lovelace to Alan Turing.听听
鈥�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.听听
鈥�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.听听
鈥�Our proven track record puts us in a strong position to build on our momentum, continue to innovate, and expand our customer base internationally.”