British cybersecurity firm Darktrace on Wednesday announced that it is buying a Dutch competitor, Cybersprint, for an estimated €47.5 million ($53.7 million).
The deal, which is expected to close by March 1, will be comprised of 75% cash and 25% equity, totaling 12.5 times Cybersprint’s annual recurring revenue, Darktrace said. Shares of the Cambridge, UK-based firm rose 4% on the announcement and were up 2.5% at the time of publication.
Darktrace, which positions itself as a cybersecurity AI leader, provides technology aimed at preventing ransomware, cloud, and SaaS attacks. The company said it would use Cybersprint’s attack surface management data to enrich some of its products, and also plans to maintain Cybersprint’s R&D center based in The Hague.
“Bringing inside-out and outside-in visibility together is critical and having access to the robust, rich, real-time external dataset combined with Darktrace’s Self-Learning AI means that customers get a holistic view of prioritised cyber risks to harden the parts of their organisation that are most vulnerable,” said Darktrace CEO Poppy Gustafsson in a statement.
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