Darktrace Share Price Jumps

Uploaded on 2021-05-02 in NEWS-Cybersecurity News, FREE TO VIEW, BUSINESS-Services-IT & Telecoms, BUSINESS-Services-Financial

Darktrace shares rose by over 40% after the public offering raised over £165 million. This is a considerable improvement on earlier valuation which had not worked a month ago. The initial valuation was a billion pound below its target but now Darktrace has a valuation of around £2.2 billion.

This new valuation is aimed at placing Darktrace separate from Mike Lynch its founding investor who is charged with fraud relating to Hewlett-Packard’s deal for buying Autonomy the software business Lynch co-created in 2011. A number of Darktrace’s executives have ties to Autonomy, including Chief Executive Officer Poppy Gustafsson.

Gustafsson and her team are an exceptional example of a female-led technology company going public in London.

Also in senior management are Chief Financial Officer Cathy Graham, Nicole Eagan, chief strategy officer and former co-CEO, and Chief Marketing Officer Emily Orton. PensionBee CEO Romina Savova took the pension-management platform public in London recently.

Darktrace uses AI to identify interlopers into a business systems and networks and it create digital security products to keep businesses one step ahead of hackers and viruses.

Darktrace was founded in 2013 by mathematicians from the University of Cambridge, artificial intelligence experts and cybersecurity specialists from GCHQ.

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