Poppy Gustafsson, co-founder of Darktrace, has announced her departure from the firm following a private equity acquisition by Thoma Bravo.
- Founded in 2013, Darktrace saw remarkable growth under Gustafsson’s leadership, supported initially by the late billionaire Mike Lynch.
- Gustafsson will be succeeded by Chief Operating Officer Jil Popelka as the company transitions to private ownership.
- Darktrace recently exited the London Stock Exchange, reflecting a trend amidst concerns over trading discounts compared to global markets.
- The firm had previously faced scrutiny over possible financial irregularities linked to its early funding sources.
Poppy Gustafsson, an influential figure in the tech sector, is stepping down from her role at the cybersecurity company Darktrace after its acquisition by the American private equity firm, Thoma Bravo. Gustafsson, who co-founded the business in 2013 with backing from Mike Lynch, shared her decision via LinkedIn. Her role will be taken over by Jil Popelka, the current Chief Operating Officer, marking a significant turning point for Darktrace as it shifts into privately-held status.
Under Gustafsson’s guidance, Darktrace grew swiftly and garnered widespread recognition, especially highlighted by her receipt of an OBE in 2019 for her contributions to the cybersecurity industry. She expressed both pride in the company’s achievements and confidence in Popelka’s capabilities to lead the firm forward. Gustafsson has publicly stated, “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.”
The company’s transition comes on the heels of leaving the London Stock Exchange after its £4.3 billion acquisition by Thoma Bravo, a deal that included a 20 percent premium over its then-market value. This move aligns with a broader trend where numerous companies have been delisting from the exchange amid fears of undervaluation in comparison to international exchanges.
Darktrace’s history has not been without controversy. In 2018, the firm was called to answer allegations regarding potential money-laundering activities if any financial inputs were benefited from funds linked to Mike Lynch’s previous enterprise, Autonomy. Lynch was involved in legal proceedings with Hewlett Packard over claims of inflating Autonomy’s worth during its sale to HP for $11 billion in 2011.
The timing of these developments coincides with the tragic passing of Mike Lynch, who was among seven people who died in a yacht accident off the Sicilian coast. Adding to the complicated backdrop, recent reports suggest that Hewlett Packard Enterprise intends to pursue litigation against Lynch’s widow, seeking approximately $4 billion.
The leadership change at Darktrace marks both an end and a new chapter as the firm navigates its future under private ownership.
