The UK technology landscape is witnessing two remarkable exit stories in the middle of a subdued IPO market.
Deliveroo and Darktrace have become standout examples of successful British tech companies navigating a difficult financial climate, according to the latest Founders Forum UK Exit 50 report.
Deliveroo’s £2.9 Billion DoorDash Deal
In May 2025, London- grounded food delivery platform Deliveroo agreed to a £2.9 billion acquisition by US rival DoorDash, valuing the company at roughly 180 pence per share.
The move ends Deliveroo’s four- time table on the London Stock Exchange( LSE) and marks a turning point for one of the UK’s most prominent startups.
Deliveroo’s 2021 IPO had formerly valued the establishment at £7.6 billion but was soon met with investor skepticism, leading to a significant drop in its share price.
Founder and CEO Will Shu said that larger markets like NASDAQ and the NYSE offer greater liquidity and investor confidence.
He added that joining a major US company would enable more robust investment and expansion for the business.
The deal also follows Deliveroo’s recent £25 Family Deal initiative, designed to redefine weeknight dining habits and broaden its household appeal.
The move reflects Deliveroo’s effort to strengthen its brand presence before the acquisition, aligning with changing consumer trends, a sign of the company’s shift toward accessible family dining.
Darktrace’s $5.3 Billion Takeover
Cybersecurity company Darktrace followed a similar route. In April 2024, it was acquired by US private equity group Thoma Bravo for $5.3 billion (£4.25 billion), one of the largest UK tech buyouts of the year.
The transaction was completed in October 2024, ending the firm’s three-year run as a publicly listed company.
Having floated on the LSE in 2021 at a £1.7 billion valuation, Darktrace struggled to match the pace of its US counterparts.
Jill Popelka, Darktrace’s president, pointed out that UK regulatory limits on employee equity participation made it difficult to compete with the more flexible US market, a key factor in the decision to go private.
The broader UK tech landscape reflects the same story. According to the UK Exit 50 report, 94% of British tech companies exited via acquisition, with more than half acquired by US-based firms.
Together, they generated over $33 billion in exit value and raised around $6 billion in funding.
Experts warn that unless the UK modernizes its market structures, more firms could seek US listings.
Analysts like Charles Hall from Peel Hunt have called for urgent reforms to prevent major companies, including household names such as AstraZeneca, from moving overseas.
Still, sanguinity remains. The government and investors are introducing new enterprises, similar to British Case Capital’s£ 100 million Cambridge Innovation Fund, aimed at strengthening the domestic tech ecosystem and keeping home-grown invention on British soil.
Deliveroo and Darktrace’s exits underline a clear message that UK tech is thriving but often finds its biggest paydays abroad.
For Britain to retain its most promising startups, the market must evolve, offering the liquidity, flexibility, and investor appetite that global competitors already provide.
