ZeroFox goes public in $1.4B SPAC deal
ZeroFox, an enterprise threat intelligence cybersecurity startup that helps companies detect risks found on social media, has announced plans to become a publicly traded company via a merger with blank-check company L&F Acquisition.
As part of the transaction, Maryland-based ZeroFox — which has raised more than $154 million in funding since it was founded in 2013 — will acquire IDX, a consumer privacy platform that claims to be America’s largest provider of data breach response services.
The company’s technology will be combined with the ZeroFox platform, an AI-powered service that aims to protect organizations against threats like scams, malicious links and account hijacking, to become a cybersecurity provider that addresses “the full lifecycle of external cyber threats and risks for its customers.”
“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,” said ZeroFox chief executive James Foster. “We believe that external cybersecurity must be a top-three priority and part of the critical security tech stack for chief information security officers because perimeter firewalls and internal endpoint agents alone are not enough to protect company assets and customers.”
Upon closing of the transaction, the combined company will be renamed ZeroFox Holdings and will have more than 650 employees and almost 2,000 customers. The company is expected to be listed under the ticker symbol ZFOX, and the expected equity value of the combined entities is approximately $1.4 billion.