Another light of the London Stock Exchange firmament is going out. Darktrace has accepted a £4.3bn offer from US private equity investor Thoma Bravo. That the UK market’s lone cyber security name is leaving will, of itself, raise eyebrows. That it is willing to do so for a relatively low price is a reflection of its troubled life as a public company.
None of this is supposed to imply that Thoma Bravo’s latest offer — which follows an aborted approach in 2022 — is devoid of attractions. With $138bn of assets under management, it is one of the largest software-focused investors in the world and can support Darktrace’s strategy. It can use its clout to help the UK group expand its US client base. And it can provide Darktrace with capital and M&A expertise to snap up other companies in the fragmented cyber security space.