Shares in UK cyber security group tumble 30% on the news
Shares in Darktrace tumbled more than 30 per cent on Thursday morning after private equity group Thoma Bravo announced it would not make an offer for the British cyber security group.
It emerged last month that the US-based and tech-focused group had initiated discussions with Darktrace about a cash takeover of the company, which at the time had a market capitalisation of £2.67bn.
Last year, it took the email security company Proofpoint private for $12.3bn in one of the year’s largest tech takeovers and earlier this year it agreed to privatise SailPoint Technologies for $6.9bn and Ping Identity for $2.8bn.
The private equity group’s decision coincided with Darktrace’s publication of its first full-year results as a public company. It reported a 46 per cent rise in full-year revenues to June, from $285mn in 2021 to $416mn, and a 170 per cent increase in adjusted earnings before interest, tax, depreciation and amortisation to $91mn.
Read more: FT
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