As seen on
{"items":["\u003Ca class=\"ShortcodeLink--root\" rel=\"nofollow\" title=\"Evening Standard\" href=\"https:\/\/www.standard.co.uk\/\"\u003E\n\u003Cdiv class=\"ShortcodeImage--root \"\u003E\n \u003Cdiv class=\"ShortcodeImage--image-container\"\u003E\n \u003Cimg alt=\"Evening Standard logo\" class=\"ShortcodeImage--image lazyload\" data-src=\"https:\/\/res.cloudinary.com\/nimblefins\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_120\/v1\/media\/eveningstandard-grey\" src=\"\/\/res.cloudinary.com\/nimblefins\/image\/upload\/e_blur:1000,q_1,f_auto\/media\/eveningstandard-grey\" data-srcset=\"https:\/\/res.cloudinary.com\/nimblefins\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_120\/v1\/media\/eveningstandard-grey 1x, https:\/\/res.cloudinary.com\/nimblefins\/image\/upload\/c_limit,dpr_2.0,f_auto,h_1600,q_auto,w_120\/v1\/media\/eveningstandard-grey 2x\"\u003E\n \n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/a\u003E","\n\u003Ca class=\"ShortcodeLink--root\" rel=\"nofollow\" title=\"The Independent\" href=\"https:\/\/www.independent.co.uk\/\"\u003E\n\u003Cdiv class=\"ShortcodeImage--root \"\u003E\n \u003Cdiv class=\"ShortcodeImage--image-container\"\u003E\n \u003Cimg alt=\"Independent logo\" class=\"ShortcodeImage--image lazyload\" data-src=\"https:\/\/res.cloudinary.com\/nimblefins\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_120\/v1\/media\/independent-grey\" src=\"\/\/res.cloudinary.com\/nimblefins\/image\/upload\/e_blur:1000,q_1,f_auto\/media\/independent-grey\" data-srcset=\"https:\/\/res.cloudinary.com\/nimblefins\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_120\/v1\/media\/independent-grey 1x, https:\/\/res.cloudinary.com\/nimblefins\/image\/upload\/c_limit,dpr_2.0,f_auto,h_1600,q_auto,w_120\/v1\/media\/independent-grey 2x\"\u003E\n \n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/a\u003E","\n\u003Ca class=\"ShortcodeLink--root\" rel=\"nofollow\" title=\"The Times\" href=\"https:\/\/www.thetimes.co.uk\/\"\u003E\n\u003Cdiv class=\"ShortcodeImage--root \"\u003E\n \u003Cdiv class=\"ShortcodeImage--image-container\"\u003E\n \u003Cimg alt=\"blank\" class=\"ShortcodeImage--image lazyload\" data-src=\"https:\/\/res.cloudinary.com\/nimblefins\/image\/upload\/c_limit,dpr_1.0,f_auto,h_30,q_auto,w_1600\/v1\/media\/thetimes-grey\" src=\"\/\/res.cloudinary.com\/nimblefins\/image\/upload\/e_blur:1000,q_1,f_auto\/media\/thetimes-grey\" data-srcset=\"https:\/\/res.cloudinary.com\/nimblefins\/image\/upload\/c_limit,dpr_1.0,f_auto,h_30,q_auto,w_1600\/v1\/media\/thetimes-grey 1x, https:\/\/res.cloudinary.com\/nimblefins\/image\/upload\/c_limit,dpr_2.0,f_auto,h_30,q_auto,w_1600\/v1\/media\/thetimes-grey 2x\"\u003E\n \n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/a\u003E","\n\u003Ca class=\"ShortcodeLink--root\" rel=\"nofollow\" title=\"The Guardian\" href=\"https:\/\/www.theguardian.com\/uk\"\u003E\n\u003Cdiv class=\"ShortcodeImage--root \"\u003E\n \u003Cdiv class=\"ShortcodeImage--image-container\"\u003E\n \u003Cimg alt=\"blank\" class=\"ShortcodeImage--image lazyload\" data-src=\"https:\/\/res.cloudinary.com\/nimblefins\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_48\/v1\/media\/theguardian-grey\" src=\"\/\/res.cloudinary.com\/nimblefins\/image\/upload\/e_blur:1000,q_1,f_auto\/media\/theguardian-grey\" data-srcset=\"https:\/\/res.cloudinary.com\/nimblefins\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_48\/v1\/media\/theguardian-grey 1x, https:\/\/res.cloudinary.com\/nimblefins\/image\/upload\/c_limit,dpr_2.0,f_auto,h_1600,q_auto,w_48\/v1\/media\/theguardian-grey 2x\"\u003E\n \n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/a\u003E","\n\u003Ca class=\"ShortcodeLink--root\" rel=\"nofollow\" title=\"Telegraph\" href=\"https:\/\/www.telegraph.co.uk\/\"\u003E\n\u003Cdiv class=\"ShortcodeImage--root \"\u003E\n \u003Cdiv class=\"ShortcodeImage--image-container\"\u003E\n \u003Cimg alt=\"Telegraph logo\" class=\"ShortcodeImage--image lazyload\" data-src=\"https:\/\/res.cloudinary.com\/nimblefins\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_180\/v1\/media\/thetelegraph-grey\" src=\"\/\/res.cloudinary.com\/nimblefins\/image\/upload\/e_blur:1000,q_1,f_auto\/media\/thetelegraph-grey\" data-srcset=\"https:\/\/res.cloudinary.com\/nimblefins\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_180\/v1\/media\/thetelegraph-grey 1x, https:\/\/res.cloudinary.com\/nimblefins\/image\/upload\/c_limit,dpr_2.0,f_auto,h_1600,q_auto,w_180\/v1\/media\/thetelegraph-grey 2x\"\u003E\n \n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/a\u003E"],"offsetPercentage":20}
Following the volatility of the 2021 tech market, Darktrace successfully listed on the London Stock Exchange in May 2021, marking a pivotal moment for British cybersecurity. While originally framed as a test of the LSE’s appetite following Deliveroo's struggles, Darktrace’s debut defied initial skepticism. As of 2026, the company’s journey from its Cambridge roots to its eventual acquisition serves as a landmark case study in the UK tech sector, complicated by the long legal shadow cast by its early investor, Mike Lynch (currently on trial for fraud.
Who are Darktrace?
Darktrace are an AI-focused cyber security company, specialising in utilizing AI and Machine Learning to detect and repel cyber attacks across all types of digital environments. Their Enterprise Immune System builds a “pattern of life” for your company’s internal networks, devices and users, allowing it to quickly identify whenever anything ‘abnormal’ occurs, and alert system administrators (or even remove the threat itself, using its Antigena response technology).
By 2024, Darktrace had expanded significantly, employing over 2,400 people across 30+ global offices. While it maintained its headquarters in Cambridge and key hubs in London and San Francisco, its operational footprint shifted following its $5.3 billion acquisition by the American private equity firm Thoma Bravo, which was completed in late 2024, transitioning the firm from a public entity back into private ownership.
What do Darktrace do?
Darktrace use artificial intelligence (AI) and unsupervised machine learning (ML) to detect cyber-threats more quickly and efficiently than traditional cybersecurity technology. Their technology works by continuously monitoring your networks, devices and users to create what they call a “pattern of life”, allowing the machine learning algorithm to continuously improve its understanding of what ‘normal’ activity looks like.
As it continues to develop a concept of ‘normal’, the algorithm can more accurately diagnose and detect potential cyber-threats, targeting anomalies—and since 2016, even being able to protect from the cyber-threats itself, with Darktrace’s Antigena systems.
Darktrace operates across most major SaaS apps and cloud-based services, including Microsoft 365, Zoom, Slack and many more, and is able to integrate with a wide number of the world’s most popular anti-viruses, firewalls and other security measures.
Darktrace Floating on the London Stock Exchange
Darktrace officially listed on the London Stock Exchange on April 30, 2021, with an initial public offering (IPO) price of 250p per share. This gave the company a more conservative valuation of approximately £1.7 billion ($2.4 billion) at the start of trading—a strategy that paid off when shares surged 32% on their debut. By late 2021, the stock peaked at nearly 1,000p, though it faced significant volatility in subsequent years due to short-seller reports and macroeconomic shifts before the 2024 Thoma Bravo buyout took the company private at $7.75 per share.
How does Mike Lynch affect the Darktrace IPO?
The legal saga of Mike Lynch remained a persistent headwind for Darktrace for years. After being extradited to the U.S. in 2023, Lynch was sensationally acquitted of all fraud charges by a San Francisco jury in June 2024. Tragically, just weeks after his legal vindication, Lynch passed away in August 2024 when his yacht, the Bayesian, sank off the coast of Sicily. While his involvement initially caused the IPO to be priced cautiously, his eventual acquittal removed the legal 'stigma' that had long suppressed the company's valuation during its time on the public market.
Final Comment
Retrospectively, Darktrace’s IPO was a success that briefly bolstered the LSE's reputation as a viable home for high-growth tech. However, its 2024 exit from the London market (following its acquisition by U.S.-based Thoma Bravo) underscored a recurring theme for the 2026 landscape: the difficulty the LSE faces in retaining its 'crown jewels' against the deep pockets of American private equity. Darktrace remains a testament to British innovation, but its delisting has reignited debates about how London can better support and keep its home-grown tech giants.
