KnowBe4, a developer of cybersecurity training software, has accepted a $4.6 billion buyout bid from private equity company Vista Equity Partners.

KnowBe4 announced the agreement on Wednesday, about a month after disclosing that it received a buyout offer from Vista. The private equity firm’s $4.6 billion bid works out to $24.90 per share, up 46 percent from KnowBe4’s stock closing price on September 16, the day before the takeover discussions hit the headlines.

KnowBe4

KnowBe4, founded in 2010, assists firms in training their personnel on recognizing and preventing phishing attacks. Organizations can utilize the company’s collection of classes and other educational tools to aid internal cybersecurity training programs. KnowBe4’s library comprises content created in-house and instructional resources provided by partners.

KnoweBe4 offers its training platform in addition to a variety of other software solutions. The firm provides a platform for testing the effectivity of an organization’s cybersecurity initiatives through simulated phishing campaigns. Administrators can tailor a simulated phishing attack to target specific business divisions and boost their efficacy. The program also provides templates meant to decrease administrative workload.

Going private after 18 months of Nasdaq

KnowBe4 reports that over 52,000 organizations use its products. The firm reported $80.8 million in revenue for Q2, a 36 prcent increase over the same period last year. As of June 30th, its yearly recurring revenue was $328.3 million.

KnowBe4 is going private roughly 18 months after its shares were listed on the Nasdaq. The business raised $144 million in its IPO and previously secured a $300 million investment led by KKR.

KKR and Elephant Partners, two key KnowBe4 shareholders, have agreed to endorse Vista’s planned acquisition of the company. Vista anticipates the acquisition to be completed in the first half of 2023.