Questions linger over £3.8bn Darktrace float

Investors are wary of the ties between Mike Lynch and the cybersecurity champion
Darktrace boss Poppy Gustafsson worked at Autonomy
Darktrace boss Poppy Gustafsson worked at Autonomy
TOM STOCKILL FOR THE SUNDAY TIMES

He may have quit the board, but the shadow of Mike Lynch looms large over Darktrace.

The Cambridge-based cybersecurity giant, founded with backing from the tech tycoon’s Invoke Capital, is one of several companies racing towards blockbuster floats in London this year.

The listing could value Darktrace at £3.8 billion, eight years after it was set up. The company now has more than 1,500 staff and annual sales of $200 million (£145.7 million), serving blue chips such as BT and HSBC.

Yet while its valuation has soared, there have been uncomfortable questions about the workplace culture at Darktrace, and its links to Autonomy, the source of many of its staff, including boss Poppy Gustafsson.

Lynch’s extradition hearing, due to begin tomorrow, will determine whether he