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The UK-based security firm is expected to acquire Cado Security – founded by a former Australian Signals Directorate executive – for up to US$100 million.
UK-headquartered cyber security firm Darktrace has announced its intention to acquire cloud security company Cado Security.
Darktrace said it expects to acquire Cado for between US$50 and US$100 million.
“At Darktrace, we have a clear and ambitious strategy: to develop best-in-class cyber security solutions for our customers that keep them safe through continuous innovation,” Jill Popelka, Darktrace’s chief executive officer, said in a statement.
“The addition of Cado’s deep expertise in cloud-based data collection and forensics will enhance our ability to protect customers, ensuring they can operate securely and confidently across all areas of their business. Together, Darktrace and Cado will help customers quickly and effectively prevent and deter cyber threats, maintaining resilience in a fast-evolving threat landscape.”
Cado Security was founded by James Campbell and Chris Doman. Campbell was previously the assistant director of operations at the Australian Signals Directorate, while Doman created the threat intelligence portal ThreatCrowd.
“Darktrace is an excellent fit for Cado, providing an opportunity for growth and innovation while allowing our team to advance their careers within a dynamic company deeply committed to R&D and to protecting its customers from growing cyber threats,” Campbell, Cado security co-founder and CEO, said.
“Our technologies build on each other’s strengths, and we are incredibly excited to work with the Darktrace team to continue to elevate AI-driven cyber security capabilities for our combined global customer base.”
Cado also announced the appointment of former Australian prime minister Malcolm Turnbull to its board of advisers in May 2021, following Turnbull’s prior investment in the company during its Series A fundraising.
Speaking to The Australian Financial Review, Turnbull said the investment was a great example of “Australian innovation and cyber security”.
“When I was first introduced to James, four or more years ago, I was really impressed with him … It’s why I invested, in both at the seed and in the regular rounds,” Turnbull told Financial Review.
David Hollingworth has been writing about technology for over 20 years, and has worked for a range of print and online titles in his career. He is enjoying getting to grips with cyber security, especially when it lets him talk about Lego.
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