ZeroFox, a cybersecurity firm, announced on Monday that it will acquire IDX, a digital privacy protection platform, and merge with blank-check provider L&F Acquisition Corp (LNFA.N), valuing the merged corporation at $1.4 billion.
As a result of the pandemic forcing businesses to adopt a hybrid working approach, demand for digital threat prevention has increased, helping cybersecurity firms.
SentinelOne Inc (S.N), a cybersecurity business, has taken advantage of the rise in demand to list its shares, while Arctic Wolf, another cybersecurity startup, is also looking to go public, according to Reuters last month.
Merger activity in the special purpose acquisition company (SPAC) market is also picking up after a slow start this year due to the Securities and Exchange Commission’s tightening grip.
Monarch Alternative Capital, Victory Park Capital, and others will invest $170 million as part of the ZeroFox merger financing.
The Baltimore, Maryland-based company ZeroFox is a business software startup that delivers threat intelligence to its customers in order to prevent phishing, impersonation, and other malicious behaviors. According to its website, Intel Corp (INTC.O) and Microsoft Corp (MSFT.O) are among their customers.
