Vista Equity Partners Pursuing Acquisition of KnowBe4

Vista Equity Partners has submitted a proposal to acquire security awareness training provider KnowBe4, which became a public company in April of last year.

KnowBe4 on Monday confirmed the receipt of a proposal from Vista Equity Partners to acquire all outstanding shares of the company for $24 per share in cash. The proposal represents a 39% premium over KnowBe4’s closing price on Sept. 16.

KnowBe4’s U.S. initial public offering (IPO) was worth more than $2 billion.

KnowBe4 said its board of directors regularly considers opportunities to enhance value for  stockholders.

“In response to an inquiry from Vista, the board formed a special committee of the board, comprised solely of independent directors … to engage with Vista and take other actions that it deems appropriate, with the assistance of independent financial and legal advisors,” KnowBe4 said.

Consistent with its mandate, and in consultation with its legal and financial advisors, the KnowBe4 special committee will review the Vista Equity Partners proposal and other potential value creation opportunities to “determine the course of action that it believes is in the best interests of the company and its stockholders.”

“There is no certainty that any transaction will be consummated,” KnowBe4 said. “And KnowBe4 does not intend to comment further until the special committee has concluded its review.”

The U.S. Securities and Exchange Commission required KnowBe4 to disclose the proposal.

Vista Equity Partners also is acquiring Avalara, a provider of tax compliance automation for businesses of all sizes. It’s an $8.4 billion transaction that will take the company private.

In addition, Vista Equity Partners is acquiring Citrix and is taking it private, too.