April 24, 2024 at 12:09PM
Security awareness training firm KnowBe4 plans to acquire British late-stage startup Egress, specializing in cloud email security. Egress, with $48 million in funding, garnered attention in a competitive market. The merger aims to create a leading AI-driven cybersecurity platform. The deal is expected to close in the coming months, pending customary approvals.
From the provided meeting notes, it is clear that KnowBe4 has announced plans to acquire Egress, a British late-stage startup specializing in cloud email security technologies. The financial terms of the transaction were not disclosed. Egress had previously raised $48 million in funding and made substantial progress in the competitive email security market, with investors including FTV Capital and AlbionVC.
KnowBe4, which itself was recently acquired in a $4.6 billion take-private transaction, aims to create the largest AI-driven cybersecurity platform by merging with Egress. This merger intends to combine Egress’ email security technologies with KnowBe4’s security awareness training and simulated phishing products, thus expanding into new corporate markets.
KnowBe4 emphasizes that the future of security lies in personalized AI-driven controls and real-time coaching, with the creation of a single platform with Egress being a significant step towards this direction. The transaction is expected to close in the coming months, subject to customary closing conditions and regulatory approvals.