KKR Invests in Cybersecurity Firm KnowBe4 at $800M Valuation
Summary
KKR is making an initial commitment of up to $50 million in KnowBe4, according to sources with knowledge of the transaction, with plans for an additional investment in the company already in the works. The funds are expected to aid Tampa Bay, Florida-based KnowBe4’s ongoing international expansion and the development of its cybersecurity training platform, which helps companies combat phishing and other data breaches. “KnowBe4 gives organizations the ability to train and educate their people to reduce that threat vector.” The company’s financial performance has also been “truly exceptional,” said Shanley, who pointed to more than $120 million in bookings last year that drove 110% revenue growth year-on-year. KnowBe4 CEO Stu Sjouwerman, who founded the company in 2010, said the firm plans to use the injection of capital to grow its offices in Europe and launch new branches in Dubai and Singapore. “If you look at their portfolio of companies, there are some interesting strategic partnerships possible.” Sjouwerman runs KnowBe4 with his business partner Kevin Mitnick, who he described as “the world’s most famous hacker” and who serves as the company’s chief hacking officer.
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