KnowBe4 Acquisition, Valuation, Funding & Investors
KnowBe4 was acquired by Vista Equity Partners for $4.6B in October 2022, a 12.5x multiple on $368M of revenue.
KnowBe4 acquisition price
$4.6B
Acquired by Vista Equity Partners · Oct 2022
KnowBe4 revenue at acquisition
$368M
Last twelve months · Oct 2022
KnowBe4 revenue multiple at acquisition
12.5x
EV/Revenue · Oct 2022
Cumulative funding KnowBe4 raised
$394M
across 5 funding rounds
About KnowBe4
KnowBe4 offers security awareness training and simulated phishing platforms to combat social engineering threats. The system includes automated programs, Active Directory integration, and Phish-prone percentage tracking for user improvement. Tampa-headquartered and founded in 2010, KnowBe4 serves enterprises worldwide with integrated tools addressing cybersecurity's human element.
Founded
2010
HQ
Clearwater, FLWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Revenue
$100M (Jun 2019)
Valuation
$1B (Jun 2019)
KnowBe4 Acquisition
KnowBe4 was acquired by Vista Equity Partners for $4.6B on 12 October 2022.
The acquisition price implies a 12.5x revenue multiple on $368M of revenue.
Before the acquisition KnowBe4 had raised $394M across 5 funding rounds.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 12 Oct 2022 | PE buyout | $4.6B | 12.5x | 142.9x |
KnowBe4 Valuation
KnowBe4 is currently valued at $1B, based on its Series C in June 2019.
The $300M round was led by KKR, with participation from Ten Eleven Ventures and Elephant.
KnowBe4's valuation has grown 1.3x from $800M at its Series C in March 2019 to $1B in June 2019, across 2 priced rounds.
KnowBe4 valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jun 2019 | Series C | $1B | 10.0x |
| Mar 2019 | Series C | $800M | 9.0x |
KnowBe4 Revenue
KnowBe4's latest recorded revenue is $100M, as of its Series C in June 2019. At a $1B valuation, that implies a 10.0x revenue multiple.
Revenue grew from $89M in March 2019 to $100M in June 2019, while the revenue multiple moved from 9.0x to 10.0x.
KnowBe4 revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jun 2019 | $100M | $1B | 10.0x | Series C |
| Mar 2019 | $89M | $800M | 9.0x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
KnowBe4 Funding History
KnowBe4 has raised a total of $394M across 5 funding rounds.
KnowBe4's first fundraising round was a $8M Series A in February 2016. The most recent completed round was a $300M Series C in June 2019.
KnowBe4 funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2019 | Series C | KKR (lead); Ten Eleven Ventures; Elephant | $300M | $1B | KnowBe4 is the provider of the world's largest security awareness training and simulated phishing platform, helping organizations combat phishing, ransomware, and other social engineering threats by training employees to recognize cyber attacks. The company's platform serves over 25,000 organizations across all industries, including highly regulated sectors such as finance, healthcare, energy, government, and insurance. In June 2019, KnowBe4 announced a $300 million investment led by KKR with participation from existing investors Elephant and TenEleven Ventures, valuing the company at $1 billion. This represented the company's Series C round and built upon KKR's earlier $50 million investment in March 2019 that had valued the company at $800 million. The capital was earmarked for global growth initiatives, platform development, and international expansion into markets such as Japan, Dubai, and Australia. At the time of the June 2019 round, KnowBe4 had generated over $100 million in recurring revenue with near triple-digit growth and demonstrated profitability—a rare combination at that scale according to KKR. The company had achieved 25 consecutive quarters of hypergrowth and was on track for a record year in 2019, with Q2 2019 sales showing 50% year-over-year growth and customer accounts exceeding 26,000. Strategic acquisitions including Brazil-based El Pescador and Norway's CLTRe further strengthened the company's platform and market position in the security awareness training space. |
| Mar 2019 | Series C | KKR (lead) | $50M | $800M | KnowBe4 is a cybersecurity company providing the world’s largest security awareness training and simulated phishing platform to help organizations combat phishing, ransomware, and social engineering threats. Founded in 2010 by CEO Stu Sjouwerman and based in Clearwater, Florida, it serves over 25,000 customers across industries like finance, healthcare, energy, government, and insurance. In early 2019, around April 3, KKR made an initial minority investment of up to $50 million through its Next Generation Technology Growth Fund, in collaboration with TenEleven Ventures, valuing the company at more than $800 million. This Series C round supported international expansion, including new offices in Europe, Dubai, and Singapore, and platform development. The investment highlighted KnowBe4's exceptional financial performance, with sources noting more than $120 million in bookings driving 110% year-on-year revenue growth in the prior year, over $100 million in recurring revenue, and near triple-digit growth accelerating in 2019. The company was cash flow positive since launch, employed 642 people at the time, and had previously raised $8 million in Series A (2016, led by Elephant) and $30 million in Series B (2017, led by Goldman Sachs). KnowBe4 had made strategic acquisitions like Securable.io, Popcorn Training, exploqii, El Pescador, and CLTRe to enhance its offerings, including features like Virtual Risk Officer and Advanced Reporting. This $50 million round was quickly followed by a larger $300 million investment in June 2019, also led by KKR with participation from Elephant and TenEleven, boosting the post-money valuation to $1 billion and unicorn status, with total funding reaching about $388-393 million. KKR viewed KnowBe4 as a category-defining leader in security awareness training amid rising cyber threats, positioning it for global scaling and potential platform-building through further acquisitions. |
| Oct 2017 | Series B | Goldman Sachs Growth Equity (lead); Elephant | $30M | - | KnowBe4, a cybersecurity company headquartered in Tampa Bay, Florida, provides a platform for security awareness training and simulated phishing attacks to help organizations train employees as a 'human firewall' against social engineering and ransomware threats. Founded by Stu Sjouwerman with input from Chief Hacking Officer Kevin Mitnick, the company focuses on innovative content and tools like the 'Second Chance' email security tool and partnerships for video content. In October 2017, KnowBe4 closed a $30 million Series B growth capital round led by Goldman Sachs Growth Equity, with participation from existing investor Elephant, bringing total financing to $44 million following an $8 million Series A in 2016. The funds were earmarked for international expansion, including offices in London and Amsterdam, and product development amid rising demand for its new-school security awareness approach. The round came after strong performance, including 18 straight quarters of growth and Q3 2017 sales 2.63 times higher than Q3 2016, followed by a 255% year-over-year sales increase in Q4 2017 with over 15,000 customer accounts. KnowBe4 earned recognitions such as #70 on Deloitte’s 2017 Technology Fast 500, #231 on the Inc. 500 list, #6 in Cybersecurity Ventures 500, and positioning as a Gartner Magic Quadrant leader, plus a Frost & Sullivan Customer Value Leader award. It also acquired Securable.IO during this period. Post-2017, KnowBe4 continued rapid scaling with a $300 million round led by KKR in 2019 at over $800 million valuation, achieving $120 million bookings and 110% revenue growth that year, followed by a $1 billion valuation in June 2019 and IPO preparations aiming for up to $3 billion in 2021, with 2020 revenue at $174.9 million up 45% from $120.6 million in 2019. The company grew to 37,000 customers and 1,014 employees by end-2020, later acquiring MediaPro. |
| Mar 2017 | Series A | - | $6M | - | - |
| Feb 2016 | Series A | Elephant (lead) | $8M | - | KnowBe4 is the provider of a security awareness training and integrated phishing platform. The company closed an $8 million Series A funding round on February 2, 2016, led by Elephant, a venture capital firm focused on software, internet, and mobile companies disrupting industries. This round followed a year of over 350% annual growth and 950% growth since 2011, with consecutive growth for 10 straight quarters. KnowBe4's platform addresses the need to protect end users through simulation and education against socially-engineered attacks like phishing. The funds were intended to fuel expansion and outpace cyber criminal innovation. Elephant partner Jeremiah Daly highlighted KnowBe4's team expertise and strong traction in the fast-growing market. The company was founded by Stu Sjouwerman, a data security expert and co-founder of Sunbelt Software. |
Who has invested in KnowBe4?
4 investors have backed KnowBe4 across its funding rounds, including Elephant, KKR, Goldman Sachs Growth Equity and Ten Eleven Ventures.
Lead investors include KKR, Goldman Sachs Growth Equity and Elephant.
KnowBe4 Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Boston, MA | 3 | Lead | Feb 2016 | |
| New York City, NY | 2 | Lead | Mar 2019 | |
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Start Free TrialAcquisitions by KnowBe4
KnowBe4 has acquired 9 companies to date.
Last acquisition by KnowBe4 was on April 24th 2024. KnowBe4 acquired Egress Software for undisclosed valuation.
Latest Acquisitions by KnowBe4
| Description | Egress Software is a London-headquartered cybersecurity firm specializing in human layer security. The platform prevents data breaches from insider threats via AI-powered email controls, secure file sharing, and behavioral analytics. Trusted by over 1,800 organizations including FTSE 100 companies, it processes millions of emails daily to detect anomalies and enforce zero-trust policies. | SecurityAdvisor is a security awareness platform that delivers real-time coaching to end-users by integrating with endpoint, cloud, email, and web security tools. The Tel Aviv-headquartered company extracts user-specific risk contexts to reduce infections, spam exposure, and data leaks through targeted interventions. It generates monthly cyber risk reduction reports tracking metrics like phish-prone percentages for organizations worldwide. | MediaPro is a Bothell-headquartered provider of cybersecurity, privacy, and compliance training. Founded in 1993, its CourseFlex platform personalizes employee programs for organizations worldwide. | Twist and Shout Group is a UK provider of employee security awareness training. Manchester-based, it delivers interactive programs on phishing, insider threats, and data protection through gamified modules and simulated attacks. | |
| HQ Country |  | | | | |
| HQ City | London | San Francisco, CA | Seattle, WA | Leicester | |
| Deal Date | 24 Apr 2024 | 21 Oct 2021 | 3 Mar 2021 | 30 Sep 2019 | |
| Valuation | undisclosed | $80M | $38M | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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KnowBe4 Competitors
KnowBe4 competitors include listed companies like BlackBerry and Clear Secure, and private ones like OneTrust, Cato Networks, Island and Arctic Wolf.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Canada | Publicly listed | $549M | $83M | $4.7B | 7.8x | |
| Atlanta, GA | Private | $400M | - | $4.5B | 11.3x | |
 Tel Aviv | Private | $300M | - | $4.8B | 16.0x | |
| Dallas, TX | Private | - | - | $4.8B | - | |
| Minneapolis, MN | Private | $200M | - | $4.3B | 21.5x | |
| United States | Publicly listed | $901M | $216M | $4.1B | 3.2x |
KnowBe4 Public Comps
KnowBe4 is no longer listed, but its public comps include BlackBerry, Clear Secure, Tenable, Trend Micro, Varonis Systems, Glory View Technology, Qualys, CommVault Systems, Cellebrite and AvePoint.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $549M | $83M | 8.3x | 7.8x | 54.9x | 36.6x | |||
| $901M | $216M | 3.7x | 3.2x | 15.3x | 9.5x | |||
| $999M | $31M | 4.1x | 3.9x | 129.9x | 15.3x | |||
| $1.8B | $488M | 2.2x | 2.1x | 8.0x | 8.1x | |||
| $624M | ($147M) | 8.5x | 7.5x | (36.0x) | 229.5x | |||
| $176M | $53M | 38.7x | 39.4x | 127.8x | 129.4x | |||
| $669M | $236M | 8.7x | 8.1x | 24.5x | 17.6x | |||
| $1.2B | $84M | 5.2x | 5.0x | 72.9x | 23.2x | |||
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Common questions about KnowBe4
| When was KnowBe4 founded? | KnowBe4 was founded in 2010. |
| Where is KnowBe4 headquartered? | KnowBe4 is headquartered in Clearwater, FL, United States. |
| Is KnowBe4 publicly listed? | No, KnowBe4 was acquired by Vista Equity Partners in October 2022. |
| Who acquired KnowBe4? | KnowBe4 was acquired by Vista Equity Partners in October 2022. |
| How much was KnowBe4 acquired for? | KnowBe4 was acquired for $4.6B in October 2022, a 12.5x revenue multiple. |
| What is KnowBe4's valuation? | KnowBe4 was last valued at $1B in its Series C in June 2019. |
| How much funding has KnowBe4 raised? | KnowBe4 has raised $394M across 5 funding rounds. |
| What was KnowBe4's last funding round? | KnowBe4's last funding round was a $300M Series C in June 2019, led by KKR. |
| Who are KnowBe4's investors? | KnowBe4's investors include Elephant, KKR, Ten Eleven Ventures and Goldman Sachs Growth Equity. |
| What is KnowBe4's revenue? | KnowBe4's latest recorded revenue is $100M (June 2019). |
| What is KnowBe4's revenue multiple? | KnowBe4's latest valuation implies a 10.0x revenue multiple ($1B valuation on $100M of revenue). |
| Which companies are comparable to KnowBe4? | Companies comparable to KnowBe4 include BlackBerry, OneTrust, Cato Networks, Island, Arctic Wolf and Clear Secure. |
| How many companies has KnowBe4 acquired? | KnowBe4 has acquired 9 companies, including Egress Software, SecurityAdvisor, MediaPro, Twist and Shout Group and CLTRe AS. |
| What was the largest acquisition by KnowBe4? | The $80M acquisition of SecurityAdvisor in October 2021 is the largest acquisition KnowBe4 has made to date. |
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