Darktrace PLC said it plans to list on the main market of the London Stock Exchange via an initial public offering.
The cyber security provider was set up in 2013 by cyber experts and mathematicians and uses machine learning and artificial intelligence (AI) algorithms to help customers protect themselves from rising cyber threats such as hacking, computer viruses and possible data breaches.
Darktrace estimates the market for its products and traditional complementary security solutions is worth about US$40bn.
"Darktrace is a global pioneer of self-learning AI,” said chairman Gordon Hurst. “As one of Europe's fastest growing technology companies, it has driven impressive growth over the past seven years as it seeks to empower organisations to defend their systems against increasingly complex and aggressive cyber threats.”
The group recorded adjusted EBITDA of US$9mln in fiscal year 2020 on revenue of US$199.1mln.
"Developed by our talented software engineering teams in Cambridge, our artificial intelligence was the first on the market to be deployed at-scale in the enterprise, and today is responsible for protecting over 4,700 organizations worldwide from the most sophisticated cyber-threats," said chief executive Poppy Gustafsson.