Spooks and techies get £50m from KKR for cyber security push

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THE cyber-security firm set up by spooks and tech geniuses, which counts blue-chips such as BT among its clients, has won $65 million (£50 million) in backing from US private equity giants KKR.

The investment in Darktrace — which puts a $400 million-plus price tag on the firm — follows a spate of high-profile attacks in the past year including the cyber-hacking of telecoms firm TalkTalk. The company, headed by chief executive Nicole Eagan, has seen revenues jump 600% in the past year.

The KKR deal is the latest stage in the rapid rise of the business, based in Cambridge and San Francisco.

The founders of Darktrace include Cambridge experts and senior members of the UK Government’s cyber community from MI5 and the ultra-secret GCHQ listening post. Lord  Evans, former director-general of MI5, sits on the advisory board.

 Backers also include Mike Lynch (pictured), the founder and former chief executive of FTSE 100 software firm Autonomy.

Darktrace uses advanced machine learning and mathematics to identify abnormalities in a company’s IT network that might be an attack.

Source Article from http://www.standard.co.uk/business/spooks-and-techies-get-50m-from-kkr-for-cyber-security-push-a3289576.html

July 6, 2016 |
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