Business & Investment

Boss of cybersecurity firm Darktrace sets up £ 3bn float windfall

Boss of cybersecurity firm Darktrace sets up a £ 3bn float windfall: tech starters flood the market weeks after Deliveroo’s blunder

Darktrace unveiled plans for a blockbuster float in London just weeks after Deliveroo’s unsuccessful debut.

The Cambridge-based cybersecurity business hasn’t priced its stock yet, but it could be worth £ 3 billion, lining up its boss for £ tens of millions.

This decision is considered a vote of confidence in Square Mile, after fearing that the disastrous float of the food delivery app could warn other tech companies to follow suit.

Darktrace boss Poppy Gustavson (pictured) said the company wasn’t like Deliveroo, but followed in the footsteps of mathematicians Charles Babbage, Ada Lovelace, and Alan Turing.

Darktrace boss Poppy Gustavson said yesterday that the two companies were dissimilar and that her company followed in the footsteps of British mathematicians Charles Babbage, Ada Lovelace and Alan Turing.

Backed by autonomy tycoon Mike Lynch, a Cambridge-based company has developed world-leading software that uses artificial intelligence (AI) to fend off cybersecurity attacks.

Atom Bank pondering Spac

Atom Bank also revealed that it is considering listing on the stock market via so-called “blank check” vehicles on a busy day for the tech sector.

Digital bank boss Mark Murren said the option to go through a special purpose acquisition company (Spac) was “interesting and intriguing.”

Spacs have become a popular way for tech companies to list because they can bypass the traditional float process.

Cazoo, an online used car platform owned by the Daily Mail and General Trust, recently announced plans to float in New York via Spac.

At a value of £ 3bn, 38-year-old Gustafsson can earn nearly £ 20m, while co-founders Dave Palmer, Emily Orton, Jackstockdale and Nicole Eagan can earn an additional £ 120m.

Former British and American intelligence veterans and Cambridge mathematicians founded Darktrace in 2013.

Lynch, who is fighting a surrender to the United States over allegations of fraud he denies, also owns about 19% of the stake and can earn nearly £ 600m.

Tech Tycoon was Darktrace’s first major investor, and the company’s top figures are veterans of Autonomy and his investment fund, Invoke Capital, but Lynch was in business after legal issues began. Work has stopped.

Darktrace warned yesterday that if Lynch lost its proceedings and was forced to sell its holdings, stock prices could fall.

Darktrace’s top advisors include former MI5 Secretary Lord Evans, former CIA veteran Alan Wade, and former Interior Minister Amber Rudd.

Gustafsson said the decision to drive equity market volatility was “a major milestone in the history of Darktrace and a historic day for Britain’s prosperous tech sector.”

She added: “The success of Darktrace is a testament to Britain’s world-leading scientific foundation and a long history of mathematical discoveries and computing inventions from Charles Babbage and Ada Lovelace to Alan Turing. We are proud to be part of the tradition of innovation.

Gustafsson also claimed that despite Deliveroo’s recent flop, she had no worries about the list.

When a food delivery company came to London two weeks ago, it plummeted 27% on the first day, shunned by large institutional investors over labor practices and equity concerns.

But Gustafsson, who has been CEO since 2016, said the blunder wasn’t worried about her.

“We have introduced artificial intelligence into our business and created the basic technology that actively protects it from threats.

‘Deliveroo is a technology-enabled service. When I talk to investors, they love that this business is sustainable.

It has grown to employ approximately 1,500 staff and boasts 4,700 customers, including Rolls-Royce and Coca-Cola. Last year, it generated £ 145m in revenue and £ 6.5m in adjusted profit.

A big topic about pension apps

Pension Bee was worth up to £ 384m as it approached the float in London yesterday.

According to a savings app that allows you to manage your pension from your smartphone, the stock price will be 175p.

This means that it has a market capitalization of £ 384m. That means boss Romina Savova could be hit by a £ 140m storm.

Pensionbee will raise £ 55m by selling 35.5 million new shares to fund its expansion program.

Small investors are lined up for participation, and so far more than 12,000 Pensionbee customers have registered interest.

Pensionbee was founded in 2014 by Savova, 35, and the company’s chief technology officer, Jonathan Parsons, 38.

This app allows customers to integrate their existing retirement pots into one plan.

Both executives receive an annual salary of £ 175,000. You will also receive a long-term bonus of up to £ 218,750, an annual bonus of up to £ 175,000 and a pension contribution of £ 8,750, with a maximum annual package of £ 577,500 depending on your performance.

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Boss of cybersecurity firm Darktrace sets up £ 3bn float windfall

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