KnowBe4, which provides enterprises with an employee cybersecurity training platform, raised $152 million by offering 9.5 million shares (5% insider) at $16, the low end of the range of $16 to $18. The selling shareholders sold 2.3 million less shares than expected. At pricing, KnowBe4 commands a fully diluted market value of $2.9 billion.
KnowBe4 states that it has developed the leading security awareness platform enabling organizations to assess, monitor, and minimize the ongoing cybersecurity threat of social engineering attacks. Its platform currently includes Security Awareness, Security Orchestration, Automation and Response (SOAR), and Governance, Risk and Compliance. The company has grown its customer base from more than 22,500 as of December 31, 2018, to almost 37,000 as of December 31, 2020.
KnowBe4 plans to list on the Nasdaq under the symbol KNBE. Morgan Stanley, Goldman Sachs, BofA Securities, KKR, Citi and UBS Investment Bank acted as lead managers on the deal.
