Cybersecurity firm Darktrace is in a lively mood with an increase in revenue, new executives and the launch of an interconnected set of AI products.
For its fourth quarter and full financial year ended 30 June 2022, Cambridge-based Darktrace says there was year-over-year growth of 32% in number of customers, 42% in constant currency ARR, 48% in revenue and an adjusted EBITDA margin of at least 19.5%.
The stats are healthy as Darktrace expects, at its FY 2022 constant currency rates, ARR at 30 June 2022 of at least $513 million (£427 million), implying net ARR added for the year of at least $152 million (£126 million). Darktrace also expects revenue for FY 2022 of at least $417 million (£347 million).
Poppy Gustafsson, CEO of Darktrace, comments: “We expect this business momentum to continue into FY 2023 as against a turbulent geopolitical background, it’s no surprise that long-term cyber risk is an even higher priority for Chief Information and Security Officers and senior executives.”
The cybersecurity firm enjoyed a good Q4, adding over 500 net new customers, and bringing the group’s customer base at year-end to over 7,400. This reflects year-over-year growth of approximately 32%.
In terms of its FY 2023 outlook, Darktrace now expects a year-over-year increase in its constant currency ARR of between 31% and 34%, implying year-over-year growth in new ARR added of between 5% and 15%. It also expects year-over-year revenue growth of between 29% and 32%, and an adjusted EBITDA margin for FY 2023 of between 15% and 18%.
- Darktrace Goes Dutch with £39m Cybersprint Acquisition – read the news here
It’s not all about numbers as three new executive team members have been appointed, while two long-standing executives step down.
David Walden joins as Chief People Officer and Carolyn Esser joins as Chief Corporate Affairs Officer.
Emily Orton stepped down from her Chief Marketing Officer (CMO) role in early July after eight years with the firm. Following her departure, the marketing functions are being reorganised to report to Esser and Nicole Eagan, Chief Strategy and AI Officer.
Dave Palmer, Chief Product Officer (CPO), will be leaving Darktrace at the end of August to join Darktrace investor, 1011 Venture Capital, as a General Partner. At his departure, he will join Darktrace’s Advisory Council, where he will continue to advise the organisation on industry trends. He will be replaced by Max Heinemeyer, currently Darktrace’s VP of Cyber Innovation, who will join the executive management team as CPO.
Along with all that, Darktrace has unveiled PREVENT. This set of AI products is designed to help organisations pre-empt future cyberattacks.
Darktrace PREVENT is the third product area in its delivery of a ‘Cyber AI Loop’, a set of AI capabilities that work together autonomously for security through a continuous feedback loop.
PREVENT uses AI to “think like an attacker” (sounds nasty), finding pathways to an organisation’s most critical assets from inside and outside. Underpinned by AI that “knows you” (sounds worrying), it analyses the most disruptive attacks for an organisation and feeds that information back into DETECT and RESPOND.
A number of organisations in the US, UK and Northern Europe are early adopters of PREVENT products, including the City of Las Vegas and Sedgwick, a provider of risk, benefits and integrated business solutions.
