Vista Equity Partners has offered to buy software-security firm KnowBe4 Inc. for $24 per share in cash, according to a statement Monday. The stock soared on the news.
(Bloomberg) — Vista Equity Partners has offered to buy software-security firm KnowBe4 Inc.
for $24 per share in cash, according to a statement Monday. The stock soared on the news.
The buyout firm’s non-binding proposal represents a 39% premium to KnowBe4’s closing share price on Friday.
The stock rose 28% to $22.16 at 11:26 a.m. in New York trading Monday, giving the company a market value of about $3.9 billion.
Vista Equity, run by billionaire Robert Smith, is one of the most active private equity investors in the software space, announcing deals this year for companies including Avalara Inc.
and Citrix Systems Inc.
KnowBe4, led by Chief Executive Officer and Founder Stu Sjouwerman, offers so-called security awareness training, which helps companies teach their employees to fend off malware, phishing and other cybersecurity threats, according to its website.
KnowBe4’s board has formed a special committee of independent directors to consider Vista’s offer.
Morgan Stanley is its financial adviser while Wilson Sonsini Goodrich & Rosati is its legal adviser. Potter Anderson & Corroon is the special committee’s legal adviser.
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