KnowBe4, a major provider of security awareness training and a simulated phishing platform, has agreed to be bought by Vista Equity Partners in a $4.6bn deal.
Vista’s buyout will see shareholders receive $24.90 per share, a 44% premium to the company’s closing price on September 16, 2022, the last full trading day before Vista publicly disclosed its initial non-binding acquisition proposal.
Fellow buyout giant KKR led a $300m investment in KnowBe4 in 2019, giving the company a $1bn valuation. The business was valued at more than $3.5bn at the time of its IPO in April last year.
Firm senior managing director Michael Fosnaugh said, “As a trusted partner to enterprise software companies around the world, we make a point to invest in businesses that make a difference and have a demonstrated track record of success.
“We look forward to leveraging our deep understanding of the business to help [founder and CEO Stu Sjouwerman] and his talented and experienced team address the human element of cybersecurity.”
KKR and fellow backer Elephant Partners, as well as Stu Sjouwerman, have agreed to vote their combined 83% of company shares in favour of the deal.
The transaction is expected to close in the first half of 2023.
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