The company, which provides security awareness training and simulated phishing platform, said that the offer price represents a premium of 39% to its closing price on 16 September 2022
Vista Equity Partners offers to buy KnowBe4 for $4.2bn. (Credit: Ralph from Pixabay)
US-based cybersecurity company KnowBe4 confirmed receiving a takeover offer of $24 per share in cash or $4.22bn from Vista Equity Partners.
The company, which provides security awareness training and simulated phishing platform, said that the offer price represents a premium of 39% to its closing price on 16 September 2022.
KnowBe4 claims to assist organisations in addressing the human element of security by improving awareness regarding ransomware, CEO fraud, and other social engineering techniques.
Its platform is said to be used by over 52,000 organisations globally.
Founded in 2010, the Nasdaq-listed company said that its board of directors has established a special committee of the board to review the offer from Vista Equity Partners.
The committee will solely comprise independent directors for engaging with Vista Equity Partners and take any other steps that are appropriate. It will take the help of independent financial and legal advisors, said KnowBe4.
The special committee has engaged Wilson Sonsini Goodrich and Rosati, Professional Corporation as its legal advisor, while Morgan Stanley is its financial advisor.
KnowBe4 stated: “Consistent with its mandate, and in consultation with its legal and financial advisors, the Special Committee will carefully review the Vista proposal and other potential value creation opportunities to determine the course of action that it believes is in the best interests of KnowBe4 and its stockholders.”
The company added that there is no assurance of any deal taking place.
Last month, KnowBe4 launched its venture arm called KnowBe4 Ventures, which will be focused on the human layer of cybersecurity.
KnowBe4 Ventures is planned to target early-stage investments at the seed round through Series B stages. It already owns companies such as Adlumin, EasyDMARC, and LUMU Technologies.
Vista Equity Partners, on the other hand, signed two major deals this year, which include a $16.5bn takeover of Citrix Systems and a $8.4bn deal to take Avalara private.