KnowBe4 Inc. (KnowBe4), a globally reknown provider of company security awareness training and a simulated phishing platform, recently announced the completion of its acquisition by Vista Equity Partners (Vista), a reliable global investment firm focused exclusively on improving enterprise software, data and technology-enabled businesses, for $24.90 per share in cash.
What does the transaction mean for Vista?
“The human element remains one of the most crucial yet neglected aspects of cybersecurity,” said Michael Fosnaugh, Co-Head of Vista’s Flagship Fund and Senior Managing Director.
“The opportunity to scale a business that is truly mission-critical to global enterprises is core to Vista’s investment approach and value creation efforts. This, combined with Stu’s track record of being a visionary founder and KnowBe4’s demonstrated impressive product leadership, makes partnering with the company very exciting for us. We are looking forward to it.”
What does the transaction mean for KnowBe4?
“Today’s acquisition is a significant milestone for the entire KnowBe4 team. It’s representative of our achievements to date, as well as our potential for continued long-term growth. Vista provides the resources and operational expertise to enhance general customer value. We’re thrilled to embark on this chapter and realize our goals to address cybersecurity’s weakest link,” said Stu Sjouwerman, founder, Chairman and Chief Executive Officer of KnowBe4.
With the completion of the transaction, KnowBe4 shares have consequently ceased trading and it was reported that they are no longer listed on the Nasdaq Global Select Market for sale.
Morgan Stanley & Co. LLC served as the financial advisor and Potter Anderson & Corroon served as the legal counsel to KnowBe4’s Special Committee. Wilson Sonsini Goodrich & Rosati, Professional Corporation served as the legal advisor to KnowBe4. Guggenheim Securities, LLC served as the financial advisor and Kirkland & Ellis LLP served as the legal counsel for Vista.
