Darktrace

Darktrace: One of the largest-ever take-privates of a London-listed company

DARKTRACE

$5,315,000,000

Sale to Thoma Bravo, L.P.


Joint Financial Advisor

TECHNOLOGY | April 2024

In April 2024, Jefferies acted as Joint Financial Adviser to Darktrace, a global leader in cybersecurity AI, on its $5.3 billion all-cash acquisition by Thoma Bravo, one of the world’s largest software-focused investors. This transaction builds on Jefferies’ long track record of advising Darktrace and its key shareholders—including KKR and Summit Partners—since the company went public in 2021.

Founded in 2013, Darktrace was one of the early adopters of AI and has positioned itself at the cutting edge of cybersecurity technology. Over the past twenty years, Thoma Bravo has acquired or invested in more than 465 companies, with its portfolio of leading global cybersecurity platforms including Proofpoint, Sailpoint, PingIdentity, McAfee, and Sophos. Therefore, Darktrace was a natural acquisition target.

In April 2024, Thoma Bravo announced an offer for Darktrace at a 20% premium to Darktrace’s closing share price on the day before the announcement and a 44% premium to its average share price for the three months prior. Jefferies ran an extensive diligence and advisory process that closed in October as the third-largest European cybersecurity software M&A transaction in the last 10 years.

This deal underlined Jefferies’ strong momentum and expertise in advising on landmark, cross-border global tech M&A. It was our eighth European software-focused transaction of the previous 12-month period and our third time working on selling a European tech company to Thoma Bravo in the past three years.

About Darktrace

Darktrace is a global leader in AI for cybersecurity that keeps organizations ahead of the changing threat landscape every day. Founded in 2013, Darktrace provides the essential cybersecurity platform protecting organizations from unknown threats using its proprietary AI that learns from the unique patterns of life for each customer in real-time. The Darktrace ActiveAI Security Platform™ delivers a proactive approach to cyber resilience with pre-emptive visibility into security posture, real-time threat detection, and autonomous response – securing the business across cloud, email, identities, operational technology, endpoints, and network. Breakthrough innovations from its R&D teams in Cambridge, UK, and The Hague, Netherlands, have resulted in over 200 patent applications filed. Darktrace’s platform and services are supported by over 2,400 employees around the world who protect nearly 10,000 customers across all major industries globally.

About Thoma Bravo

Thoma Bravo is one of the largest software-focused investors in the world. With a 40+ year history and approximately $166 billion in assets under management as of September 30, 2024, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors through its private equity, growth equity, and credit strategies.