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The group is also present in Italy. Two offices, both housed in spaces managed by real estate and coworking developers. In Rome, Darktrace has a home in Piazza del Popolo, in a business center of the brick giant Regus. While in Milan it is located in via Tortona, in one of the coworking spaces of the Copernico group. In Italy, the Cambridge multinational has done it discounting in the IT sector, enlisting a variety of partners to resell its solutions.
On the other side of the ring is the Quintessential fund. An old acquaintance for Italy since in 2019 one of his reports overwhelmed Bio-on, the former Bolognese unicorn from bioplastic, which then went bankrupt and is now waiting for the process to be completed to entrust it to a new owner. It was founded by Gabriele Grego, already in the Israeli consultancy firm Sfk and founder of Zanshin Capital. Quintessential is a activist fundwhich investigates the companies it targets and makes them public by taking short positions.
In the past it has reported the business of the Greek companies Folli Follie, in the distribution of jewels, and Globo, a software developer (the first in liquidation and with the top management on trial, the second discontinued), the Canadian Aphria, in cannabis (executives from the board of directors cleared), the Israeli Ability and Aac Holding. Among the most recent operations: in 2020 a report against the US Penumbra, whose medical devices were withdrawn from the market, and in 2022 one on the Texan biotech group Cassava Sciences, which later ended up under investigation.
Sales in focus
The analysis conducted by Quintessential puts under accusation some sales practices adopted by Darktrace. The English group sells cybersecurity services based on artificial intelligence. “It deals with network security, a very important element”, explains a Wired Simone Frison, sole director of Itway, the Vicenza-based retailer of the Cambridge multinational, who, it should be noted, is not accused of any type of suspicious transaction. “Their tool – continues Frison – allows you to manage complex networks with fewer people and with forms of automatic response in reaction to anomalous activity in seconds”.
Darktrace not only provides a software, but also a hardware component to be integrated into the network. “The AI platform must analyze all traffic – explains Frison -. If it detects potential threats, it blocks the login session“. Generally companies subscribe three-year contracts with Darktrace. For this reason, the company insists on recurring revenue in its financial communications: every year, in fact, it collects a piece of the agreement. And if those revenues decrease in anticipation, as communicated in January, expectations for the group worsen because it means that some contracts have not been renewed or enough have been signed to compensate for the outgoings. Also, according to Darktrace’s sales patterns, the hardware is assigned on loan for use. At the end of the contract he has to go home.
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