Cybersecurity firm Darktrace PLC said Monday it aims to go public in London, hoping to cash in on growing demand for its software, despite ongoing legal uncertainty over one of its leading backers.
The British technology company is targeting a valuation of as much as $4 billion in the initial public offering, which could raise between $350 million to $400 million, according to people familiar with the matter.
Darktrace uses artificial intelligence to detect cyberattacks on the computer networks of companies and organizations, and its customers include Coca-Cola Co., engine maker Rolls-Royce Holdings PLC and the city of Las Vegas. Darktrace said its sales grew at a compound annual rate of 58% between 2018 and 2020 as companies sought help tackling faster and more sophisticated cyberattacks that humans were struggling to keep up with.
The company was founded in 2013 and received early investment from Mike Lynch, a British tech entrepreneur at the center of a lengthy legal dispute regarding the sale of his previous company Autonomy to Hewlett-Packard Co.
One of the challenges Darktrace faces in wooing investors is assuring them that Mr. Lynch’s fight to avoid extradition to the U.S. to face fraud charges won’t expose the company to legal or regulatory risk, some bankers and investors have said. Mr. Lynch denies all charges.
