• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup

2

The Pentagon said Iran War costs $29 billion, but the real cost is closer to $200 billion—and counting

3

Amazon's record Prime Day masks a darker truth: Americans are spending more and getting less

1

After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup

2

The Pentagon said Iran War costs $29 billion, but the real cost is closer to $200 billion—and counting

3

Amazon's record Prime Day masks a darker truth: Americans are spending more and getting less
TechThoma Bravo
Europe

Thoma Bravo closes $5.3 billion Darktrace acquisition weeks after founding investor Mike Lynch’s death

Ryan Hogg
By
Ryan Hogg
Ryan Hogg
Europe News Reporter
Down Arrow Button Icon
Ryan Hogg
By
Ryan Hogg
Ryan Hogg
Europe News Reporter
Down Arrow Button Icon
October 1, 2024, 4:54 AM ET
Jill Popelka Head of AR Enterprise Services (ARES) of Snap Inc. speaks onstage during the Snap Partner Summit 2023 at Barker Hangar on April 19, 2023 in Santa Monica, California.
Jill Popelka took the helm as Darktrace CEO weeks before the take-private deal closed.Joe Scarnici/Getty Images for Snap, Inc.
Add Fortune on Google for similar content.

Thoma Bravo has completed its $5.3 billion acquisition of British cybersecurity group Darktrace, ending a tumultuous takeover rocked by the resignation of its CEO and the death of early backer Mike Lynch.

Recommended Video

The private equity giant confirmed on Tuesday that it had agreed to buy Darktrace, taking the company off the London Stock Exchange in a take-private deal.

The closure ends a tense couple of months for Darktrace as it sought to close a bumper deal agreed in April. The acquisition gained more public awareness following Lynch’s death in August.

Lynch died alongside six other passengers when the Bayesian yacht he was on sank after running into storms on the Mediterranean Sea. His passing left an unconcluded civil suit with HPE over the $11.7 billion acquisition of Autonomy in 2011 and helped resurface questions aimed at Darktrace.

Early in September, Darktrace co-founder and CEO Poppy Gustafsson then unexpectedly resigned from the company weeks before the takeover would complete.

Gustafsson co-founded Darktrace in 2013 after departing Lynch’s controversial Autonomy Group, where she was a corporate controller. In her statement announcing her resignation, Gustafsson said she was looking forward to continuing at Darktrace as a non-executive director after the transaction completes.

“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 in that time,” Gustafsson said in a statement.

In its statement, Darktrace said all non-executive directors of the company had tendered their resignations and stepped down from the board. 

A representative for Darktrace didn’t immediately respond to Fortune’s request for clarification as to whether this included Gustafsson.

Gustafsson was replaced by COO Jill Popelka, who only joined the cybersecurity group in January as a non-executive director. Popelka previously worked at Snap, Accenture, and SAP SuccessFactors.

“Protecting businesses and organisations with best-in-class AI-powered, proactive cybersecurity will remain at the absolute core of what we do,” Popelka said in a statement. Together, we can take this even further, investing in our people to enhance our technical capabilities and delivering exceptional service and value for our customers.”

Thoma Bravo’s acquisition was regarded as a major blow to the London Stock Exchange, which has watched several large companies withdraw from the exchange in recent months to opt for rival exchanges or to go private.

“Darktrace holds a unique position at the forefront of cybersecurity technology,” said Seth Boro, managing partner at Thoma Bravo.

“As one of the early adopters of AI, the value of its capabilities is evident to businesses, governments and society across the world. We are excited to work alongside Jill and the Darktrace team to build on their success, supporting their ambitions to protect the world from the most advanced cyber threats.” 

Mike Lynch links

Lynch was a major early backer of Darktrace through his venture capital firm Invoke Capital. He helped set up his private equity fund with the reported £500 million he bagged from the HPE acquisition. Lynch installed several key players from Autonomy at the helm of Darktrace, including his former protégé Gustafsson.

Lynch held about a 3% stake in the company at the time of his passing.

Stephen Chamberlain, his co-accused in a criminal trial in the U.S. in June and a former COO of Darktrace, died after being struck by a car while on a run in Cambridgeshire. He would pass away on the same day that the Bayesian sank.

Darktrace was the target of short-sellers last year after U.S. hedge fund Quintessential Capital Management questioned the company’s financial statements.

An independent probe by EY found no need for Darktrace to amend previous financial statements, and the matter evidently did not serve to put Thoma Bravo off its now-completed acquisition.

About the Author
Ryan Hogg
By Ryan HoggEurope News Reporter

Ryan Hogg was a Europe business reporter at Fortune.

See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Tech

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Tech

Institute's Global Conference at the Beverly Hilton Hotel,on May 6, 2024 in Beverly Hills, California.
RetailSpaceX
Elon Musk was the world’s first trillionaire for 12 days
By Eva RoytburgJune 24, 2026
2 hours ago
President Donald Trump pictured in September 2025 signing an executive order that overhauled the H-1B visa program.
EconomyImmigration
Trump’s international student crackdown kicked off a domino effect that could shave nearly $500 billion off the economy
By Tristan BoveJune 24, 2026
3 hours ago
How Home Depot is rebuilding retailing with AI
NewslettersCIO Intelligence
How Home Depot is rebuilding retailing with AI
By John KellJune 24, 2026
5 hours ago
bob
AIbooks
Robert Wright sees an ‘earthquake’ coming from AI that goes far beyond jobs: ‘cultural, political, personal, family, psychological’
By Nick LichtenbergJune 24, 2026
5 hours ago
A man wearing a red and black jacket and a red hat walks down a hallway lined with servers.
InnovationChina
For the first time since 2017, it’s China, not the U.S., that has the world’s most powerful supercomputer
By The Associated PressJune 24, 2026
6 hours ago
Jack Schlossberg, Kennedy scion and sardonic social media star, loses in bid for New York state assembly
PoliticsPolitics
Jack Schlossberg, Kennedy scion and sardonic social media star, loses in bid for New York state assembly
By The Associated Press, Danny Peltz and Anthony IzaguirreJune 24, 2026
6 hours ago

Most Popular

After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup
Success
After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup
By Orianna Rosa RoyleJune 23, 2026
1 day ago
The Pentagon said Iran War costs $29 billion, but the real cost is closer to $200 billion—and counting
Economy
The Pentagon said Iran War costs $29 billion, but the real cost is closer to $200 billion—and counting
By Jacqueline MunisJune 24, 2026
15 hours ago
Amazon's record Prime Day masks a darker truth: Americans are spending more and getting less
Retail
Amazon's record Prime Day masks a darker truth: Americans are spending more and getting less
By Nick LichtenbergJune 24, 2026
7 hours ago
Ray Dalio just finished a 10-day trip to China. He says global leaders know America 'doesn’t have what it takes to fight to maintain its empire'
Asia
Ray Dalio just finished a 10-day trip to China. He says global leaders know America 'doesn’t have what it takes to fight to maintain its empire'
By Nick LichtenbergJune 24, 2026
8 hours ago
Current price of oil as of June 23, 2026
Personal Finance
Current price of oil as of June 23, 2026
By Joseph HostetlerJune 23, 2026
1 day ago
Current price of gold as of June 23, 2026
Personal Finance
Current price of gold as of June 23, 2026
By Danny BakstJune 23, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.