CEO of cybersecurity firm Darktrace steps down

The chief executive of Cambridge, UK-based cybersecurity giant Darktrace has stepped down ahead of a £4.25bn ($5.56bn) takeover of the company by private equity group Thoma Bravo.

Poppy Gustafsson, who co-founded the company in 2013, will be replaced by Darktrace's chief operating officer Jill Popelka (pictured above), who joined the London-listed company in January. Thoma Bravo struck a deal to buy Darktrace in April, describing the company as being at the "very cutting edge" of cybersecurity.

The company – funded by British IT entrepreneur Mike Lynch who was one of seven people who died when the superyacht Bayesian sank on August 19 – uses artificial intelligence to provide real-time threat detection and autonomous response capabilities to companies and other organisations.

The board of Darktrace rejected multiple offers from Thoma Bravo before agreeing to a sweetened deal of 620 pence per share, although some market observers suggested the offer undervalues the company and another suitor may come forward.

"Darktrace has been a huge part of my life and my identity for over a decade and I am immensely proud of everything we have achieved," said Gustafsson. "This challenge has required tremendous personal and professional commitment. With the acquisition of Darktrace by Thoma Bravo nearing its completion and with us having identified an excellent successor in Jill, now is the right time to hand over the reins."

Darktrace sales in the fiscal year ended June 30 rose more than 26 per cent to around $690 million, fuelled by increasing concern over cybersecurity in the face of rising threat levels, with a 72 per cent increase in data breaches in 2023 over 2021, driven by greater digitalisation by companies and heightened geopolitical tensions.

A recent report from the FBI warned that military hackers affiliated with the Russian General Staff Main Intelligence Directorate 161st Specialist Training Center – also known as Unit 29155 – have been targeting critical infrastructure in the US and globally since 2020.