R & D ‘brains’ to stay in Cambridge as Darktrace changes CEO

Gustafsson, who stays involved as a non-executive director, had been plucked from relative obscurity and thrust into senior management by astute tech entrepreneur Mike Lynch – a guiding light for the formative Darktrace – who died recently after his yacht sank off the coast of Sicily.

Thoma Bravo has reached for a new broom as its £4.3 billion takeover looms large. Popelka will be based in Texas and it is understood that leading management after the takeover will be US-based.

Popelka has more than two decades of experience of driving operational best practices and maturing teams, systems and processes for fast-growing businesses, according to the new owner.

She previously held senior leadership roles at top global technology businesses, including Accenture, Snap Inc and SAP SuccessFactors, one of the largest enterprise cloud businesses in the world, which she led as President. She joined Darktrace in January as a Non-Executive Director, before assuming her current role of COO on June 1.

Gustafsson said: “Darktrace has been a huge part of my life and my identity for over a decade and I am immensely proud of everything we have achieved in that time. Together we have revolutionised the marketplace for cyber security and brought our AI-powered technology to almost 10,000 customers around the world, keeping them safe from cyber disruption.

“This challenge has required tremendous personal and professional commitment from me. With the acquisition of Darktrace by Thoma Bravo nearing its completion and with us having identified an excellent successor in Jill, now is the right time to hand over the reins so Jill can lead Darktrace through its transition into private ownership and beyond.

“I am profoundly grateful to have had the privilege of leading such an exceptional team and I look forward to remaining engaged in this exciting next chapter of the business as a non-executive director after the transaction completes. I remain Darktrace's number one fan.”

Darktrace chairman Gordon Hurst described Gustafsson as “a remarkable leader who has grown and nurtured one of the UK's proudest technology success stories.

“Under Poppy's stewardship, the business has transformed from a promising collaboration of AI and intelligence experts to a high-growth global leader in cyber security.

“This has been reflected in the significant value Darktrace has created for its shareholders under Poppy's leadership since its IPO in 2021 and through the acquisition by Thoma Bravo, one of the world's leading investors in software businesses.

“Jill Popelka is a proven and highly regarded leader in global technology businesses who has contributed immensely to the Board and more recently in her role as COO.

“With Poppy stepping down, the Board has implemented its CEO succession plan and is delighted that Jill has accepted the role of CEO. She has the deep sector experience, people leadership skills and energy and passion to lead Darktrace into the next stage of its journey.”

Popelka added: "Poppy and the team have built something very special. The potential of Darktrace is enormous - our technology has never been more critical to organisations around the world and our AI-native capabilities position us at the forefront of the ever-changing cyber security market.

“We have an outstanding platform offering, a broad base of customers across the globe, and some of the most talented people working in technology, not least our remarkable R & D teams based in Cambridge and The Hague.

“I am excited to partner with the whole Darktrace team to take advantage of the many opportunities we have ahead of us as we embark on this next phase of our journey."

The acquisition continues to progress as anticipated. All antitrust and regulatory approvals have now been received, with the exception of one foreign regulatory approval, which is currently anticipated by September 28.

Darktrace will seek the UK court's sanction of the transaction as soon as this final regulatory approval has been received, with the closing of the transaction expected shortly afterwards.

Gustafsson was part of the team of mathematicians, business people and intelligence experts who founded Darktrace in 2013 and brought its AI-powered cybersecurity solutions to market.

Under her leadership, the company has seen significant growth and global expansion. It now employs over 2,400 people, operates in 110 countries and serves close to 10,000 customers.

During this time, breakthrough innovations from Darktrace's R & D teams have resulted in over 200 patent applications filed.

Darktrace listed on the London Stock Exchange in 2021 and, during its time on the public markets, increased its market capitalisation from £1.7bn to £4.1bn (as at 5 September 2024).

Gustafsson was honoured with an OBE for services to cybersecurity in 2019. She has also won a number of accolades as CEO including Tech CEO of the Year at the UK Tech Awards 2021 and Business Weekly’s Woman Entrepreneur of the Year title.

A chartered accountant, in 2022 Gustafsson received an honorary Doctor of Science degree from the University of Sheffield for her outstanding achievements in the field of cyber security.