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Cybersecurity: Darktrace wants to go public in London despite Deliveroo fiasco

2021-04-12T15:01:52.733Z

British cybersecurity firm Darktrace, which specializes in artificial intelligence, announced on Monday that it wanted to go public in London, making it the first company to launch since the failed debut on the Deliveroo market. Darktrace unveiled its plan in a statement without giving details on the timing or its valuation, although the UK press estimates the company could weigh up to £ 3 billion



British cybersecurity firm Darktrace, which specializes in artificial intelligence, announced on Monday that it wanted to go public in London, making it the first company to launch since the failed debut on the Deliveroo market.

Darktrace unveiled its plan in a statement without giving details on the timing or its valuation, although the UK press estimates the company could weigh up to £ 3 billion.

To read also: Cybersecurity: "National priority"

The group, created in Cambridge in 2013, uses artificial intelligence to detect and respond to cyber attacks.

It has 1,500 employees and offers its services to 4,600 customers including the British engine manufacturer Rolls-Royce, the American information group Micron and the NHS health system in the United Kingdom.

Its annual turnover has now reached $ 200 million, but the company is not yet making a net profit.

The company intends to sell 20% of its capital on the stock market and use the funds raised to develop new products, strengthen its international presence and its financial results.

First major project since the Deliveroo debacle

The transaction "

marks a major milestone in Darktrace's history, and a historic day for the thriving UK tech industry

," said Poppy Gustafsson, its CEO.

This is the first large-scale project for the London Stock Exchange after the debacle of Deliveroo, whose stock collapsed on March 31 when it entered the market.

The application of meal deliveries weighs only 4.6 billion pounds in capitalization, a far cry from the 7.6 billion obtained during the IPO.

"

The disastrous IPO of the food delivery company weighed on the technology sector

" and may have made companies hesitate to risk themselves in such a transaction, recalls Russ Mold, analyst at AJ Bell.

Darktrace's services are in demand as businesses around the world face IT security challenges.

However, there are some controversies to accompany its debut in the stock market

, ”he warns.

Read also: With the SolarWinds attack, Western cybersecurity in full question

He mentions the case of two investors in the company, namely Mike Lynch who is trying to avoid extradition to the United States, and his former colleague Sushovan Hussain, sentenced to prison across the Atlantic.

The two men are former executives of the British software publisher Autonomy, whose takeover in 2011 by HP turned into a fiasco due to suspicion of accounting fraud.

Source: lefigaro

All business articles on 2021-04-12

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