M&A · Tech · Services-Computer Programming, Data Processing, Etc.
Vista Equity Partners to acquire KnowBe4, Inc.
Announced Oct 11, 2022 · Closed Feb 6, 2023
Deal value$4.60BEV $4.60B
Premium44.0%To unaffected price
EV / Adj. EBITDA—15.9x EV / Revenue
ConsiderationAll cash$24.90 per share
Transaction
- Acquirer
- Vista Equity Partners
- Target
- KnowBe4, Inc.
- Buyer type
- Private equity
- Offer price per share
- $24.90
- Enterprise value
- $4.60B
- Status
- Closed Feb 6, 2023
Deal protections
- Break fee (target pays)
- $138M · 3.0%
- Reverse fee (buyer pays)
- $276M · 6.0%
- Go-shop
- No-shop
- Financing
- Committed · Morgan Stanley
Advisors
- To the acquirer
- Guggenheim
- To the target
- Morgan Stanley
- Morgan Stanley fee
- $51.0M
Sector context · Tech
- Comparable deals
- 79 in the prior 24 months
- Premium
- 44.0% vs. 33.3% sector median
- EV / Adj. EBITDA
- Sector median 17.8x
- Break fee
- 3.0% vs. 3.0% sector median
Timeline
- AnnouncedOct 11, 2022
- Proxy filedNov 14, 2022
- Definitive proxyDec 22, 2022
- Shareholder vote—
- ClosedFeb 1, 2023
Valuation · fairness opinions
Analyst price targets$19.00$28.00
Analyst price targets$16.85$24.84
Offer $24.90
Implied value per KnowBe4, Inc. share by analysis, from Morgan Stanley.