Vista Equity Partners Completes Acquisition of KnowBe4

KnowBe4 Inc., a provider of security awareness training and simulated phishing platform, announced the completion of its acquisition by Vista Equity Partners, a global investment firm focused exclusively on enterprise software, data and technology-enabled businesses, for $24.90 per share in cash.

The acquisition is a milestone for KnowBe4, said its founder, Chairman and CEO Stu Sjouwerman. “Vista provides the resources and operational expertise to enhance customer value.”

With the completion of the transaction, KnowBe4 shares have ceased trading and are no longer listed on the Nasdaq Global Select Market.

“The human element remains one of the most important 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 enterprises around the world is core to Vista’s investment approach and value creation efforts. This, combined with Stu’s track record as a visionary founder and KnowBe4’s demonstrated product leadership, makes partnering with the company very exciting.”

Morgan Stanley & Co. LLC served as financial advisor and Potter Anderson & Corroon served as legal counsel to KnowBe4’s Special Committee. Wilson Sonsini Goodrich & Rosati, Professional Corporation served as legal advisor to KnowBe4.

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