Darktrace warns of rise in ‘hacktivism’ and AI threats as profits fall 92 per cent March 8, 2023 Cybersecurity firm Darktrace reported a plunge in profits in the first half of its financial year today amid a rise in employer tax charges and a slowdown in new business. In a trading update on the six months to the end of December, the firm said operating profit had fallen 91.6 per cent to $577,000 [...]
Darktrace hires EY in bid to win back credibility after short seller questions accounts February 20, 2023 Cybersecurity company Darktrace has hired EY to review its finances in a bid to win back credibility after a short seller questioned its accounts. Darktrace has recruited the Big Four auditor to carry out an independent review after New York investment fund Quintessential Capital Management cast doubt over the “validity” of the tech firm’s financial [...]
Tech Nation lines up potential buyers for assets as closure looms February 12, 2023 Start-up group Tech Nation has reportedly lined up a host of potential bidders for its assets as it prepares to permanently close its doors at the end of March.
Darktrace shares slide to record low after short seller alleges accounting errors January 31, 2023 Darktrace shares crashed to a record low today after a short seller alleged that accounting errors had been made by the British-American cybersecurity firm. New York asset management firm Quintessential Capital Management (QCM) published a damning report today alleging dubious marketing, sales and accounting tactics were used to inflate the company’s value before it was [...]
Tech Nation to shut down after government controversially gives funding to Barclays January 31, 2023 Start-up network Tech Nation is to be wound down after the government controversially withdrew its funding and handed it to Barclays, the organisation announced today. Tech Nation, founded by the coalition government in 2010, said it would cease operations from the end of March after the Department for Culture Media and Sport confirmed it had [...]
BP vulnerable to takeover as London bargain hunt continues, top analyst predicts January 29, 2023 UK oil and gas firms could be on the receiving end of a wave of takeovers this year as investors swoop on historically cheap London-listed companies, a top analyst has predicted.
Darktrace shares down over 10 per cent after firm cuts revenue forecast January 11, 2023 British cyber-security company Darktrace cut its full-year revenue forecast on Wednesday after prospective customers turned more reluctant to run product trials due to the worsening economic environment. The company, which listed in April 2021, said it now expected its constant currency annual recurring revenue (ARR) to increase by between 29.0 per cent and 31.5 per [...]
City of London dealmaking set to rebound as ‘dry powder’ fuels wave of takeovers, bankers say January 4, 2023 Dealmaking is set to rebound in the latter stages of this year as stored up “dry powder” and steadier markets fuel a wave of take-private deals, bankers have predicted.
UK private equity deals slump as firms hold out for bargains November 7, 2022 The number of private equity deals closed in the UK has slumped 20 per cent in the past year as firms sit on cash reserves in anticipation of tumbling valuations, according to new research.
Darktrace backs revenue guidance despite currency turbulence October 12, 2022 LONDON’s tech darling Darktrace maintained its full year expectations for revenue growth this morning despite showing anxiety about the ongoing strength of the dollar. The cybersecurity company said it backed full year 2023 year-over-year revenue growth of between 30 per cent and 33 per cent, but would continue to monitor foreign exchange rates and “their [...]