Cybersecurity firm ZeroFox has entered into an agreement with special purpose acquisition company (SPAC) L&F Acquisition Corp to become a publicly traded company and will also acquire digital privacy company IDX.
The agreement will result in ZeroFox becoming a publicly traded company with an expected equity value of approximately $1.4bn. The acquisition of IDX will result in the creation of a cybersecurity provider addressing the full lifecycle of external cyber threats and risks for its customers. Upon closing of the transaction, the combined company will be renamed ZeroFox Holdings, and will be listed under “ZFOX”.
This comes at a time when organisations are increasingly challenged by cybercriminal activity, with the number of employee and customer records compromised exceeding tens of billions annually, ZeroFox said.
The ZeroFox Platform enables actionable intelligence to disrupt phishing, impersonations, malicious domains and data leakage across the public, deep and dark web, including pervasive cloud-based applications such as Zoom, Slack, Google, Facebook and other social media sites. The platform processes billions of data elements and protects tens of millions of digital assets around the world.
IDX provides external breach response services, protecting enterprises from associated risks with its proprietary digital protection and privacy platform. Together, IDX and ZeroFox will provide external threat protection capabilities and breach response services, a holistic offering for companies protecting against, or responding to, an external cyberattack.
James C. Foster, chairman and CEO of ZeroFox, said, “Since ZeroFox was founded in 2013, we have helped companies address emerging security challenges caused by the transformational shift to a ‘digital everything’ world. This rapid digital transformation has made companies vulnerable to attackers, resulting in the highest breach rate the industry has ever seen.”
Foster added that ZeroFox intends to leverage this growth capital to continue investing in its artificial intelligence capabilities, scaling its go-to-market efforts and expanding its world-class team.
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