In this photo illustration, the DarkTrace logo is displayed on a smartphone against a backdrop of stock market percentages.
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LONDON — British cybersecurity firm Darktrace announced Friday that it has agreed to an all-cash sale of $5.315 million to U.S. private equity giant Thoma Bravo.
Darktrace shares were up 17.% as of 10:26 a.m. London time.
Investors will receive $7.75 in cash for each share they own, based on terms recommended by the board of directors.
The move would be a major blow to the London Stock Exchange, where the company plans to list in 2021. The company was seen as a welcome and dynamic addition to a market characterized as less attractive to technology companies than those in the United States or Asia. There are many “old economy” companies such as mining companies and oil and gas companies.
Darktrace specifically cited the belief that it was undervalued in the UK as a reason for the sale. In a statement, the company said its board believes the company’s operational and financial “performance” is not reflected in its valuation and that its shares trade at “a significant discount relative to its global peer group.” He said he thought so.
Darktrace specializes in artificial intelligence-based cybersecurity for large enterprises and events. We have approximately 2,300 employees worldwide.
Thoma Bravo said the investment will help the company expand globally, increasing its exposure to a large and growing cybersecurity market.
The deal represents a 44.3% premium to the volume-weighted average Darktrace stock price for the three-month period ending April 25, according to the release.
