ThomaBravo: Darktrace Acquisition

The Challenge

Private equity firms are under increasing pressure to identify scalable businesses with predictable revenue streams in highly competitive markets. For Thoma Bravo, the objective was to expand its portfolio in cybersecurity, a sector experiencing strong demand but also rapid innovation and intense competition.

The Problem

Darktrace, while a leading UK-based cybersecurity firm, faced challenges tied to sustaining its high growth trajectory as competition from global players intensified. Additionally, the business needed strategic guidance and long-term capital to continue innovating amid evolving cyber threats and market pressures.

The Solution

In October 2024, Thoma Bravo acquired Darktrace for $5.3 billion. The deal aligned with Thoma Bravo’s focus on SaaS-based companies generating recurring revenues, offering stability and scalability. Thoma Bravo’s operational expertise and investment approach promised to help Darktrace strengthen its global presence, drive innovation in AI-driven cybersecurity, and achieve long-term growth.

The Benefit

The acquisition provided Darktrace with the backing of a well-capitalised, sector-specialist private equity firm capable of accelerating international expansion and product development. For Thoma Bravo, the transaction enhanced its exposure to a high-growth, resilient sector underpinned by recurring revenues, reinforcing its strategy of targeting leading SaaS businesses with defensible market positions.