Darktrace Acquisition by Thoma Bravo: A Brave New Era for a UK Tech Leader

In April 2024 it was announced that Darktrace had reached an agreement to be acquired by Thoma Bravo, a US private equity firm specialising in technology and software companies, for c.£4.25bn – an 150% premium to the IPO price and a 20% premium to the undisturbed share price.

In the preceding twelve months, Darktrace, supported by Headland, executed an extensive media programme to educate journalists about Darktrace’s technology, market position, and growth potential. This approach supported a reframing of how Darktrace was perceived among its primary stakeholder groups, including the capital markets, with the company’s share price rising by c.50% from July 2023 through to April 2024. This set the context into which the Board announced its recommendation to accept an offer from Thoma Bravo. The sustained reputation rebuild programme that preceded this moment enabled us to communicate with clarity why the transaction was in the best interest of all stakeholders. This was combined with a comprehensive media, investor, government, stakeholder and employee engagement programme for the deal itself. The transaction went on to receive overwhelming shareholder support and regulatory approval, with well-informed media coverage reporting on the Board’s strategic rationale for recommending the offer