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Darktrace
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=== Pure-play NDR specialists are good acquisition candidates === Given the prospect of commoditization and eventual convergence with XDR offerings, JP Morgan expects some consolidation in the NDR market; JP Morgan sees pure-play NDR vendors as good acquisition candidates. Deal activity in the NDR market is picking up pace – as examples, Blackstone-backed Vectra AI raised $130m at a post money valuation of $1.2bn in Apr-21; ExtraHop was acquired by Bain Capital and Crosspoint Capital for $900m in Jun-21. Existing network equipment vendors are also making a play in this market (Arista acquired Awake Security in 2020 and Cisco has been developing its Stealthwatch offering). In addition, vendors are adding NDR capabilities as part of their integrated XDR platform; these vendors are either buying pure-play NDR specialists or organically building NDR capabilities – as examples, Check Point Software introduced its NDR offering in 2021, Crowdstrike acquired a strategic stake in Corelight in Sep-21, Sophos acquired Braintrace in Jul-21, LogRhythm acquired MistNet in Jan-21 and VMware acquired Lastline in Jun-20. Darktrace is a not a pure NDR specialist and offers an XDR-like approach to security (across network, email and endpoint). Thus it does not look a strong acquisition candidate in this context, especially from vendors that have an established EDR or email security offering. Having said this, JP Morgan would not rule out the possibility of Darktrace being acquired by a larger security vendor (looking to add AI-driven threat detection and response capabilities) in the future. {| class="wikitable" |+Table 5: Deal activity in the NDR market is picking up pace<ref>Source: Company releases, J.P. Morgan.</ref> |NDR vendor |Deal type |Acquired by |Date |Comment |- |Bricata |Acquisition |OpenText |Nov-21 | |- |Corelight |Series D | |Sep-21 |Raised $75m in Series D investment led by Energy Impact Partners, With strategic investment from Crowdstrike Falcon Fund |- |Braintrace |Acquisition |Sophos |Jul-21 | |- |ExtraHop |Acquisition |Bain Capital and Crosspoint Capital |Jun-21 |Purchase price of $900m. |- |Vectra AI |Series F | |Apr-21 |Led by Blackstone, raised $130m at $1.2bn valuation (post-money). |- |MistNet |Acquisition |LogRhythm |Jan-21 | |- |Awake Security |Acquisition |Arista |Sep-20 | |- |Lastline |Acquisition |VMware |Jun-20 | |- |ProtectWise |Acquisition |Verizon |Mar-19 | |- |LightCyber |Acquisition |Palo Alto Networks |Mar-17 |Acquired for $105m. |}
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