The employee put this down to a highly aggressive sales culture as the company geared up for its stock market float and looked to burnish its credentials as a market leader. The release, publication or distribution of the documents or other information contained herein may be restricted by law in certain jurisdictions. Significantly, the prospect of Lynchs895 million worth of sharesbeing cashed in led to widespread investor concerns and the tumbling DARK market capitalisation. At about 8:15 a.m. London time, Darktrace shares climbed 43% to more than 358p. If you would like to customise your choices, click 'Manage privacy settings'. He can still appeal the courts ruling. Please read our Financial Services Guide before deciding whether to obtain financial services from us. In terms of relative price strength the Darktrace share price has underperformed the FTSE All Share Index by-47.58% over the past year. It is an award-winning pioneer in the fast-growing cybersecurity industry, boasting veterans of the spy community and the British political establishment on its payroll. As the chart above illustrates, CRWD shares have grown some 336.66% in value since CrowdStrikes debut two years ago, with sustained growth occurring from around the time of the emergence of the pandemic with little sign of slowing down. 2023 Benzinga.com. (By Aimee Donnellan), On Twitter http://twitter.com/breakingviews. All content on FT.com is for your general information and use only and is not intended to address your particular requirements. Please sign in or register. Darktrace PLC - cybersecurity firm - Shareholders KKR Dark Aggregator LP, Summit DT CLN Holdings 4, Hoxton Ventures Fund I Opportunities III LP and Balderton . We apologise for any inconvenience this may cause. Darktrace plc is a United Kingdom-based autonomous cyber security artificial intelligence (AI) company. The Company provides its services to various industries, including financial services, manufacturing and supply, education, retail and e-commerce, energy and utilities, government and defense, technology and telecoms, legal and human resource, health and pharma, media and entertainment, and nonprofit. (Photo by John Phillips/Getty Images for TechCrunch). In the company's record second quarter, the annual revenue rose by 70% year-on-year to $1.34 billion. Share price information may be rounded up/down and therefore not entirely accurate. A potential court case could also damage Darktraces standing read more , particularly as Lynch is still a member of its science and technology council. An incredible release, Darktrace PREVENT/OT - augumenting attacks to test the security, ensuring you have maximum protection even against zero-day threats. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Feb 03 Darktrace plc to Report First Half, 2023 Results on Mar 08, 2023 Feb 01 See more updates Shareholder Returns See full shareholder returns Issuer Details ISIN GB00BNYK8G86 Issuer Name DARKTRACE PLC UKor Non-UKIssuer UK 2. Any advice contained in this website is general advice only and has been prepared without considering your objectives, financial situation or needs. There, the man sometimes dubbed Britains answer to Microsoft founder Bill Gates would face charges of fraud relating to the $11bn (8.5bn) sale of Autonomy, the tech business he founded, to Hewlett-Packard. in the past year, with total shares outstanding growing by 3%. Senior managers and directors at Darktrace hold about 5% of the companys shares with Poppy Gustafsson, co-founder and chief executive, holding 2.77m shares, about 0.4%. Darktrace plc (LSE:DARK) commences an Equity Buyback for 7,181,838 shares, representing 10% of its issued share capital, under the authorization granted on November 3, 2022. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Darktrace currently serves over 8,100 customers in over 110 countries, with more than 2,200 employees globally. The companys biggest stockholders at the time of Darktraces flotation were Summit Partners, the Autonomy founder, Mike Lynch and his wife, Angela Bacares, and KKR and EBT. These included potential money-laundering charges, should the proceeds of that deal be found to have funded 6.6m in start-up loans that Lynchs investment vehicle, Invoke Capital, extended to Darktrace as it grew. YOUR CONFIRMATION MUST BE TRUE AND ACCURATE. Josh Martin. Darktrace's success has been built on the shoulders of giants: our world-leading position is testament to the strength of the UK's world-leading science base and long history of mathematical discovery and computing inventions, from Charles Babbage and Ada Lovelace to Alan Turing. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Darktrace shareholders are down 61% for the year, even worse than the market loss of 14%. We can zoom in on the different ownership groups, to learn more about . If churn rates are that high, ShadowFalls analysis suggests it could be due to a hyper-aggressive sales culture. It raised a total of $230.5 million from investors prior to its IPO, according to Crunchbase. Ownership Breakdown Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 3%. However, six months later, the stock has strayed nearly 40% from its peak price of 9.85 and uncertainty reigns over the future of the company as analysts warn against promises that are yet to be delivered. It provides enterprise-wide cyber defense to over 7,400 organizations in over 110 countries, protecting the cloud, email, Internet of things (IoT), traditional networks, endpoints and industrial systems. Shares in Darktrace last closed at 259.70p and the price had moved by-43.54% over the past 365 days. 6. The $11.7bn sale of the Cambridge-based software business to HP in 2011 is still the subject of substantial ongoing litigation. Although Markit has made every effort to ensure this data is correct, nevertheless no guarantee is given to the accuracy or completeness. We want to hear from you. Last month, KKR, Summit and Balderton Capital sold 187.5m worth of stock, 25m shares when Darktrace was trading at 759.5p, a combined 3.6% stake. Omar Marques | SOPA Images | LightRocket via Getty Images, Microsoft, Kimbal Musk, NBA's Russell Westbrook invest in Brooklyn-based climate tech company BlocPower, Inside the 'Wormhole,' Relativity Space's monster factory 3D-printing reusable rockets, Fanatics to start livestreamed shopping of trading cards, collectibles. Of that, 143.4 million will go to the company, while 21.7 million will go to existing shareholders. Este botn muestra el tipo de bsqueda seleccionado. Darktrace's solution, the Enterprise Immune System, represents a new class of cyber defense software, powered by advanced mathematics and machine learning, that helps large enterprises and governments detect advanced threats and anomalous behavior within their networks. We think its between 20% and 30%, which is much higher than competitors, said Early. Do Not Sell My Personal Data/Privacy Policy. It's the second major test of London's appetite for high-growth tech companies. Read full article. We are proud to be part of that tradition of British innovation, as the UK becomes a leading global centre for the development of AI., But the announcement comes amidst an ongoing legal battle involving key investor Mike Lynch, owner of Invoke Capital, Darktraces largest shareholder. The total revenue also increased by 70% compared to the same period a year ago, reaching $337.7 billion. The charges, which he denies, carry a maximum custodial sentence of 25 years. DARKTRACE HOLDINGS LIMITED Company number 08562035 Follow this company File for this company Overview Filing history People Charges More Filter by category Show filing type Confirmation statement. City of registered office (if applicable) Country of registered office (if applicable) 5. Senior managers and directors at Darktrace hold about 5% of the company's shares with Poppy Gustafsson, co-founder and chief executive, holding 2.77m shares, about 0.4%. Darktrace boss defends UK cybersecurity firm amid short-seller attacks, Advice for Darktrace: dont complain, just explain, Darktrace shares fall below IPO price as new client sign-ups slow, Darktrace shares slump after takeover talks collapse, Toxic: Darktraces future clouded by concerns over culture and fraud case, Snake oil: doubts loom over tech firm Darktraces high-octane sales strategy, Darktrace boss in bid to counter Citys dim view of track record, Darktrace shares plunge again as investor lock-up ends, Darktrace shares soar by 40% on London stock market debut, lock-up that prevents insiders selling their stakes, star performer which joined the FTSE 100 last week. Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 3%. 2023 CNBC LLC. The uncertainty casts a shadow not just over Lynch but over Darktrace, despite its insistence that it is unaffected by Lynchs legal travails. Lets take a deeper look at one of the rise and fall of the promising cybersecurity unicorn, Darktrace: Shares in Darktrace had taken a significant hit after a broker claimed that the cybersecurity firms AI framework was only worth half of its closing value of 6.6 billion at the time. Together with his wife, Angela Bacares, he still owns more than 12% of the company. Our intention to list on the London Stock Exchange marks a major milestone in Darktrace's history of rapid growth, and a historic day for the UK's thriving technology sector, said Poppy Gustafsson, Darktrace chief executive. Founded in 2013 in Cambridge by a group of former intelligence experts and mathematicians, Darktrace uses artificial intelligence to detect and respond to cyberthreats in a business' IT systems. The 180-day lock-up agreement put in place at the time of Darktraces flotation in April was waived, allowing the sales to proceed. Significantly, the end of the lock-up period enabled a wide range of investors to sell their shares in the company - including Mike Lynch, Darktrace's first and largest shareholder prior to the . By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. Judging by the exuberant stock market reaction since bid interest emerged, a deal could be done at close to 3.6bn, a figure Lynch claims would be higher were it not for the vindictive pursuit of him by the US authorities. ELECTRONIC VERSIONS OF THE MATERIALS YOU ARE SEEKING TO ACCESS ARE BEING MADE AVAILABLE ON THIS WEBSITE BY DARKTRACE PLC (THE "ISSUER") IN GOOD FAITH AND ARE FOR INFORMATION PURPOSES ONLY. Julia Nisbet Ampliar bsqueda. . The company's listing has been dogged by concerns over its close ties to controversial U.K. tech entrepreneur Mike Lynch, who is battling extradition to the U.S. Lynch is accused of fraudulently inflating the value of Autonomy, the software company he founded, to Hewlett Packard for almost $11 billion in 2011. Darktrace plc is a United Kingdom-based autonomous cyber security artificial intelligence (AI) company. Darktrace's ties to one of its major shareholders, Autonomy founder Mike Lynch, were problematic, to say the least. 17-Jan-2023 . According to ShadowFalls research, about 41 former Autonomy employees ended up at Darktrace, of which more than 25 remain, including Gustafsson and chief strategy officer Nicole Eagan. Details of person subject to the notification obligation Name But one of Darktraces most persistent critics, the hedge fund ShadowFall, contends that this very group of people should be giving investors cause for pause. Shareholders have raised the estimated . The information and documents on this portion of the website are being addressed to and directed at persons in member states of the European Economic Area ("Member States") who are "qualified investors" within the meaning of Article 2(e) of the Prospectus Regulation (Regulation (EU) 2017/1129) ("Qualified Investors"). As the chart above shows, Darktrace had enjoyed a summer of accumulation before an abrupt downturn thats seen the stock fall dramatically. Lynch has denied all charges, as did Hussain, who is continuing to push for an appeal. Any failure to comply with any such restrictions may constitute a violation of the securities laws or regulations of such jurisdiction. TR-1: Notification of major holdings RNS Number : 6416I Darktrace PLC 19 April 2022 TR-1: Standard form for notification of major holdings 1. you have read, understand and agree to comply with all of the restrictions set forth above; you are either (i) a QIB in the United States or (ii) are resident and physically present in a country outside the United States, Canada, Dubai, Hong Kong, Japan, Singapore or Switzerland or any other jurisdiction in which such distribution or access is unlawful; you are not resident or physically present in any Member State, unless you are a Qualified Investor; you are not resident or physically present in the United Kingdom, unless you are a Relevant Person; it is lawful for you to review and receive copies of the documents on this website; you agree that you will not transmit or otherwise send any information contained in this website to any person in the United States or to publications with a general circulation in the United States; and. Maxim Manturov, head of investment research at Freedom Finance Europe, has pointed to CrowdStrike CRWD as an example of a stock thats enjoyed significant growth in the months that followed its debut in mid-2019. It provides enterprise-wide cyber defense to over 7,400 organizat ions in over 110 countries, protecting the cloud, email, Internet of things (IoT), traditional networks, endpoints and . London has had a busy year of tech IPOs so far, with the likes of Deliveroo, Trustpilot and Moonpig having gone public. During Lynchs civil fraud trial, lawyers for HP described Eagan as part of a trusted cabal around Lynch, as he came up with the very accounting strategies that prompted the US companys legal claim. Darktrace, one of the U.K.'s largest cybersecurity companies, was founded in 2013 by a group of former intelligence experts and mathematicians. The company has been in a steady uptrend since March 2020 and does not seem to be slowing down, Manturov explained. Although its worth acknowledging that DARK remains well above its listing price in the spring of 2021, widespread uncertainty has impacted the future prospects of the asset. Berenberg, Gossler & Co. KG, Asset Management Arm, Barclays PLC Private Banking & Investment Banking Investment. ), In February, reports in The Times suggested a number of potential investors were fretting about Darktraces links to Autonomy, whilst UBS, an investment bank hired to lead the IPO, quit over concerns about the companys ties to Lynch. Almost simultaneously, the then home secretary Priti Patel determined that Lynch could be extradited. Darktraces founder, the British billionaire entrepreneur Mike Lynch. 7. It provides enterprise-wide cyber defense to over 7,400 organizat. See here for a complete list of exchanges and delays. Darktrace was founded in 2013 by cyber experts and mathematicians in Cambridge. The Company's platform uses machine learning and AI algorithms to neutralize cyber threats across diverse digital estates, including the cloud and networks, IoT and industrial control systems. The company has said a further 9.9 million shares will be sold if demand proves higher than expected. Darktrace PLC 18 May 2021 TR-1: Standard form for notification of major holdings 1. All rights reserved. At a 1.7 billion market cap, Darktrace was pricing its IPO on the conservative end, compared to the valuation of up to $4 billion it had initially hoped to reach. What a difference six months can make. That's disappointing, but it's worth keeping in mind that the market-wide selling wouldn't have helped.. Darktrace now employs more than 1200 people, and operates from 44 offices, with dual headquarters in Cambridge and San Francisco. Darktrace is a pretty big company. All rights reserved. Its blue-chip corporate customers have included AIG, BT Group, Jimmy Choo, the Science Museum Group and William Hill. That means, he says, that a reported churn rate of 6-8% could be much higher, because the bulk of its customers have only signed up in the last two years and remain locked in to their contracts. Access to the information and documents on this portion of the website is restricted for regulatory reasons. If you do not want us and our partners to use cookies and personal data for these additional purposes, click 'Reject all'. Its products include Darktrace PREVENT, Darktrace DETECT, Darktrace RESPOND and Darktrace HEAL. Its products include Darktrace PREVENT, Darktrace DETECT, Darktrace RESPOND and Darktrace HEAL. Headquartered in Cambridge, UK, the company has 1,600 employees and over 30 offices worldwide. See here for a complete list of exchanges and delays. When cybersecurity unicorn Darktrace debuted on the London Stock Exchange on April 30th 2021, it took one week forWired to claimthat the listing salvaged Londons tech IPO dream. Associate editor at Forbes, covering cybercrime, privacy, security and surveillance. Your confirmation must be true and accurate. Cambridge-based Darktrace will raise 143.4m gross proceeds from the deal, with existing shareholders selling shares worth only 21.7m. Post-Brexit Britain is reforming its listings regime to lure firms like these, with a government-commissioned review calling for a relaxing of rules around dual class share structures and special purpose acquisition companies, or SPACs. For its part, Darktrace says that Lynch has no direct involvement with the day-to-day running of the company. Details of the shareholder . This week, the company is preparing to announce its first set of financial results as a public company. Accordingly, unless an exemption under the relevant securities law is applicable, any such securities may not be offered, sold, resold, delivered or distributed, directly or indirectly, in or into the United States, Canada, Dubai, Hong Kong, Japan, Singapore, Switzerland or any other jurisdiction if to do so would constitute a violation of the relevant laws of, or require registration thereof in, such jurisdiction. Of that, 143.4 million will go to. The lock-up, which applies to those investors who were shareholders at the time of the IPO, expires on Wednesday. Documents filed before the float went some way to explaining that. THE ISSUER DOES NOT ACCEPT ANY RESPONSIBILITY FOR ANY CONTRAVENTION OF APPLICABLE SECURITIES LAWS AND REGULATIONS BY INDIVIDUALS FOR THE ACCURACY, COMPLETENESS OR FAIRNESS OR USE OF INFORMATION PROVIDED BY SUCH INDIVIDUALS. Benzinga does not provide investment advice. Darktrace progress overshadowed by collapsed deal, Darktrace Announces Availability of NEWSROOM, Darktrace Announces Availability of PREVENT/OT, The last IC recommendation on Darktrace PLC shares was Hold at 336.00 on 08 Sep 2022, Darktrace plc is a United Kingdom-based autonomous cyber security artificial intelligence (AI) company. CEO of Darktrace Poppy Gustafsson is leading the, company to an IPO, which is reportedly valued at over $5 billion. It is most . Market open. The exact price of the share sale was set to be determined through a rapid sale process called an accelerated bookbuild. Created by mathematicians, our platform uses machine learning and AI algorithms to neutralise cyber threats across diverse digital estates, including the cloud and networks, IoT and industrial control systems. Shareholders in UK cybersecurity firm Darktrace (DARK.L) are waking up to founder Mike Lynch's legal problems. Deep Defence is to sell 11m shares in cybersecurity firm worth about 70m at the companys closing price on Tuesday. For regulatory requirements and disclosures, please send directly to: For any investor relations related queries, please contact: Darktrace Newsroom Capability Shortens Time from News Headline to Cyber Security Action, Darktrace Announces PREVENT/OT to Pre-empt Cyber Attacks on the World's Most Critical Infrastructure, New Research Finds Organizations Need to Adopt a Holistic Approach to Improve Cyber Readiness. With deep expertise in mathematics and machine learning, as well as operational experience defending critical organisational assets, Darktrace seeks to empower enterprises to defend their systems against the most silent and sophisticated cyber threats. Lynch denies any wrongdoing. You must therefore seek independent legal, investment or other appropriate advice from a suitably qualified and/or authorised and regulated advisor prior to making any legal, investment or other decision. Darktrace has raised 143.4 million and selling shareholders will raise 21.7 million. are authorised and permitted to proceed to electronic versions of the information and documents on this portion of the website. One former employee in the sales department, who spent more than a year at the company, says there is some truth in that. Date on which Issuer notified . Any opinions or estimates expressed herein are those of Markit on the date of preparation and are subject to change without notice; however no such opinions or estimates constitute legal, investment or other advice. It provides enterprise-wide cyber defense to over 7,400 organizations in over 110 countries, protecting the cloud, email, Internet of things (IoT), traditional networks, endpoints and industrial systems. According to one person familiar with the companys early days, Lynch was far more than a source of funding. It has not gone well for the 57-year-old tech genius so far. Lynch denies all charges. This is intended for information purposes only and is not intended as an offer or recommendation to buy, sell or otherwise deal in securities. Our Standards: The Thomson Reuters Trust Principles. Our analysis of the ownership of the company, below, shows that institutional investors have bought into the company. Partly, the investment world is increasingly interested in CRWD shares because this growth is not expected to slow down, Manturov added. Darktrace has had about 2bn wiped off its market value in a little over a week and latest move will raise further fears among investors of a significant sell-off among other top shareholders. Darktrace is a leading provider of cyber security technology. Failure would set the extradition wheels in motion. Last month, Amazon-backed food delivery firm Deliveroo flopped in its debut, plunging as much as 30% in one of the worst London IPOs in history. As the Covid-19 pandemic has forced companies to undergo significant digital transformation, cybersecurity solutions have become increasingly sought after - whilst stocks have generally enjoyed periods of drastic growth. CRWD shares are currently about 10% below the high of $289.2 reached at the end of August. Darktrace Singapore: Nicholas Tan Edelman Phone: +65 9663 8358 Email: nicholas.tan@edelman.com. British cybersecurity darling Darktrace has announced plans to go public on the London Stock Exchange, as it claims to be in profit for the first time since its founding in 2013. The information and documents on this portion of the website (a) are intended only for, and may be accessed by, or distributed or disseminated, directly or indirectly, in whole or in part, to (i) "qualified institutional buyers" (as defined in Rule 144A under the U.S. Securities Act of 1933, as amended (the "US Securities Act") ("QIBs") or (ii) persons resident or physically present outside the United States (including its territories and possessions, any state of the United States and the District of Columbia), Australia, Canada, Dubai, Hong Kong, Japan, Singapore, Switzerland and resident and physically present in a jurisdiction in which such access, distribution or dissemination would not constitute a violation of the local securities laws or regulations of such jurisdiction, and (b) are not and do not constitute an offer to sell or the solicitation of an offer to buy or acquire, any ordinary shares or other securities of the Issuer in the United States, Australia, Canada, Dubai, Hong Kong, Japan, Singapore, Switzerland or any other jurisdiction in which such offer or solicitation would constitute a violation of the local securities laws or regulations of such jurisdiction or would be otherwise unlawful. The company spends considerably less on this than competitors, he says. Learn about Darktrace in this short factsheet outlining our investment case and key achievements in FY 2022. Former Darktrace director Sushovan Hussain was already convicted for fraud in the same case. Darktrace is a world leading provider of AI for the enterprise, with the first at scale deployment of AI in cyber security, and a pioneer of autonomous response technology. Capital Calls - More concise insights on global finance: Visa continues M&A run with new FX punt read more, Canny NatWest sale can limit UK taxpayer losses read more, Bukalapak takes Indonesia market to new heights read more, Australias 2032 Olympics will go for zinc read more, Modernas S&P 500 inclusion has drawbacks read more. Darktrace plc (DARK.L) LSE - LSE Delayed price. Legal & General Investment Management Ltd. More Darktrace News. as well as latest changes in position size. Venture capitalists swap Paris Hilton for Al Gore, US blacklisting is no match for TikTok virality, Theres hope beyond moaning for European telcos, Adani contrarian is a win for Hindenburg, too, Exclusive news, data and analytics for financial market professionals. Opinions expressed are those of the author. It's the second major test of London's appetite for high-growth tech companies after Deliveroo's IPO flop. Its advisory board includes former MI5 director Baron Evans of Weardale,. Media contacts:. Earl has also raised concerns about the proportion of Darktraces budget that goes on research and development, an essential area of spend in a fast-developing area like cybersecurity. Darktrace shares started trading in conditional dealings under the ticker "DARK" Friday morning. (Hussains legal representation had previously declined to comment on the allegations, whilst his associate had denied any inappropriate behavior. Insider Buying: DARK insiders have bought more shares than they have sold in the past 3 months. Alliance News 5 August, 2021 | 5:09PM. British cybersecurity company Darktrace Plc announced plans for an initial public offering in London, marking the first major company to plan a listing on the exchange after Deliveroo Holdings Plc flopped in its market debut. Darktrace Downturn amid Cybersecurity Prosperity. Our self-learning technology requires minimal set-up, quickly identifying threats that have breached the perimeter, including threats exploiting previously unknown vulnerabilities, and insider threat. Create detailed alerts and get notified the moment an event happens, See how trades would have performed from years past or start from the present, Download PDF copies of reports from the newspaper markets data page, View the performance of global markets and browse news items by region, Find companies based on country, sector, and other equity characteristics, View funds that move the market, screen for funds and read relevant news, All markets data located on FT.com is subject to the. Invoke Capital, set up by Mike Lynch, is Darktrace's largest investor and has been involved from an early stage. Reason for Notification An acquisition or disposal of voting rights 3. Last Monday, two days before Darktrace replaced Morrisons in the FTSE 100 after the grocers takeover, an analyst note raising concerns over the business wiped a fifth of the companys market capitalisation. (EU Exit) Regulations 2019, and which is part of UK law by virtue of the European Union (Withdrawal) Act 2018 who are also persons who have professional experience in matters relating to investments falling within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended (the "Order") or who are high net worth bodies corporate, unincorporated associations and partnerships or the trustee of high value trusts falling within Article 49(2)(a) to (d) of the Order, and other persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as "Relevant Persons"). Any investment or investment activity to which this document relates is available only to Relevant Persons in the United Kingdom and Qualified Investors in Member States, and will only be engaged with such persons. The prevailing view seems to be that the current management of Darktrace had relatively little to do with Autonomy, said Matthew Earl, managing partner of ShadowFall, which specialises in taking short positions at companies it thinks are overvalued, betting on their share prices falling. Get this delivered to your inbox, and more info about our products and services. All quotes delayed a minimum of 15 minutes. Darktrace now employs more than 1,200 people, with 44 offices and dual headquarters in Cambridge and San Francisco. Darktrace Going Public In $5 Billion London IPO, Claiming $200 Million Revenue Thomas Brewster Forbes Staff Associate editor at Forbes, covering cybercrime, privacy, security and. authenticate users, apply security measures, and prevent spam and abuse, and, display personalised ads and content based on interest profiles, measure the effectiveness of personalised ads and content, and, develop and improve our products and services.