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KnowBe4 Confirms Receipt of Non-Binding Proposal from Vista Equity Partners – KNBE Stock Update

TAMPA BAY, Fla., Sept. 19, 2022 (GLOBE NEWSWIRE) — KnowBe4, Inc (the “Company” or “KnowBe4”) (Nasdaq: KNBE), the provider of the world’s largest security awareness training and simulated phishing platform, today confirmed the receipt of a non-binding proposal from Vista Equity Partners (“Vista”) to acquire all outstanding shares of the Company for $24 per share in cash. The proposal represents a 39% premium to KnowBe4’s closing price on September 16, 2022.

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The Company’s Board of Directors (the “Board”) regularly considers opportunities to enhance value for its stockholders. In response to an inquiry from Vista, the Board formed a special committee of the Board, comprised solely of independent directors (the “Special Committee”), to engage with Vista and take other actions that it deems appropriate, with the assistance of independent financial and legal advisors.

Consistent with its mandate, and in consultation with its legal and financial advisors, the Special Committee will carefully review the Vista proposal and other potential value creation opportunities to determine the course of action that it believes is in the best interests of KnowBe4 and its stockholders.

There is no certainty that any transaction will be consummated, and KnowBe4 does not intend to comment further until the Special Committee has concluded its review. The proposal was required to be disclosed by Vista under Regulation 13D by the U.S. Securities and Exchange Commission.

Morgan Stanley & Co. LLC is serving as financial advisor to the Special Committee, Wilson Sonsini Goodrich & Rosati, Professional Corporation is serving as KnowBe4’s legal advisor and Potter Anderson & Corroon is serving as the Special Committee’s legal advisor.

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