Vista to take cybersecurity firm KnowBe4 private for $4.6bn

• KnowBe4’s existing backers include KKR and Elephant Partners
• According to terms of the deal, KnowBe4 stockholders will receive $24.90 per share in cash
• When the deal is completed, KnowBe4 will no longer trade on the NASDAQ

Vista Equity Partners has agreed to acquire KnowBe4, a cybersecurity firm, in a take-private deal for about $4.6 billion.

KnowBe4’s existing backers include KKR and Elephant Partners.

According to terms of the deal, KnowBe4 stockholders will receive $24.90 per share in cash upon completion of the proposed transaction.

“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,” said Michael Fosnaugh, co-head of Vista’s Flagship Fund and senior managing director, in a statement. “We look forward to leveraging our deep understanding of the business to help Stu and his talented and experienced team address the human element of cybersecurity.”

The transaction is expected to close in the first half of 2023. When the deal is completed, KnowBe4 will no longer trade on the NASDAQ.

Morgan Stanley & Co. LLC is serving as financial advisor to the special committee, Wilson Sonsini Goodrich & Rosati is serving as KnowBe4’s legal advisor and Potter Anderson & Corroon is serving as the special committee’s legal advisor.

Kirkland & Ellis LLP is serving as legal counsel and Guggenheim Securities, LLC is serving as financial advisor for Vista.

Gibson, Dunn & Crutcher LLP is serving as legal counsel to KKR, Latham & Watkins LLP is serving as legal counsel to Elephant Partners and Moulton Moore Stella LLP is serving as legal counsel to Mr. Sjouwerman.

Based in Clearwater, Florida, KnowBe4 is a security awareness training and simulated phishing platform provider.

Vista has $94 billion in assets under management as of June 30, 2022.