Vista Equity Partners has agreed to pay $4.6 billion for KnowBe4 Inc. after sweetening its offer for the software-security firm.
The private equity firm will pay $24.90 in cash for KnowBe4, according to a statement. That’s up from the $24 per share Vista Equity offered last month.
KnowBe4 said that its board approved the deal after engaging in a “robust process” connected to Vista’s initial offer.
“Today’s announcement is a testament to the success of our strategy and the strength of our incredible team. This acquisition by Vista represents the next phase of our journey,” Stu Sjouwerman, KnowBe4’s chief executive officer, said in a statement.
Vista has won support for the deal from Sjouwerman, KKR & Co. and Elephant Partners, which together control 83 percent of Knowbe4’s voting power, according to the statement.
Knowbe4 offers so-called security awareness training, which helps companies teach employees to fend off malware, phishing and other cybersecurity threats, according to its website.
The transaction marks the latest take-private for Vista, which has announced deals this year for companies including Avalara Inc. and Citrix Systems Inc.
Vista will finance the acquisition with a combination of debt and equity. The transaction is expected to close in the first half of 2023, subject to standard conditions, the companies said.