Today marks the conclusion of our Investment in Darktrace Plc, following the disposal of our equity interests upon the news that the company is to be acquired in an all cash acquisition by a newly formed company indirectly wholly owned by funds managed and/or advised by Thoma Bravo L.P at a price of 620pence per share.
Whilst undoubtedly a loss to the LSE to see Darktrace being taken into private hands, we are nonetheless pleased to have realised a return of in excess of 150% over a holding period of 14 months and indeed, as we noted (See our memo dated February 13, 2023 - AI, AI, What’s going on here then?) with the company possessing such valuable Intellectual Property in the fast developing and highly competitive field of AI technology, in our minds at least, it was always only going to be a matter of time before a suitor emerged from the shadows…
Samuel S. Green
Britannic Holdings Corporation Limited
Managing Director
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