Zerofox acquired by Haveli Investments

UNITED STATES Software EV €300–700M

Context

The acquisition of ZeroFox by Haveli Investments represents a significant take-private transaction within the cybersecurity sector. This strategic privatization follows a comprehensive evaluation of capital structure alternatives and marks ZeroFox’s transition from a publicly traded entity on Nasdaq to a privately held growth platform. Under the terms of the all-cash agreement, stockholders received 1.14 USD per share, representing a substantial 45% premium over the 90-day volume-weighted average share price. The strategic rationale for the deal centers on providing ZeroFox with the financial flexibility and operational support required to accelerate its global expansion and product innovation without the constraints of public market volatility. Haveli Investments intends to leverage its deep expertise in the software and data sectors to propel the company’s next phase of growth, focusing on new market entry and the scaling of its AI-driven external attack surface management tools. This transaction highlights a robust trend of specialized technology sponsors acquiring high-growth SaaS platforms to consolidate their market leadership through disciplined capital deployment and strategic guidance.

Zerofox, which reported an EBITDA margin of [members only] in 2023, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average observed in the TMT (Tech, Media, Telecom) sector (16.1x in 2024).

-> Deep-dive in TMT (Tech, Media, Telecom) market trends

Target

ZeroFox is a premier enterprise Software-as-a-Service leader in external cybersecurity, specialized in protecting organizations beyond the traditional corporate perimeter. Headquartered in Washington, D.C., the company provides an innovative, unified platform that integrates external attack surface management, digital risk protection, and full-spectrum threat intelligence. By leveraging advanced AI analytics and automated orchestration, the firm identifies and disrupts a wide array of digital threats, including phishing campaigns, credential theft, brand impersonations, and data breaches across the public internet. Its business model focuses on a comprehensive lifecycle approach to cyber risk, offering robust incident and takedown response capabilities to safeguard the domains, people, and digital assets of thousands of global customers. ZeroFox serves a diversified client base spanning the public sector, finance, technology, and retail industries, acting as a mission-critical infrastructure provider in an era of increasing digital volatility.

Ent. Value

€300–700M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2023

2022

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REFERENCES

Valuation range: EV €300–700M

Revenue range: €150–250M

EV/Revenue range: 1x - 3x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Zerofox by Haveli Investments are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Target: zerofox

Acquirer: haveli investments

FAQ

What transaction does this page cover?

This page covers Haveli Investments’s acquisition of 100% of Zerofox, an American company specialised in Software, in 2024.

How was the acquisition of Zerofox by Haveli Investments valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €300–700M band and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What was Zerofox’s revenue at the time of the deal?

At the time of the transaction, Zerofox’s annual revenue was estimated within the €150–250M range (FY 2023). Detailed financial figures are available to members.

How does the valuation of Zerofox compare to benchmarks in the TMT (Tech, Media, Telecom) sector?

Transaction multiples for this specific deal are exclusively reserved for mynth members. Nevertheless, transactions tracked by mynth in this sector reveal an average benchmark multiple of 16.1x EBITDA during 2024.

What sources support the information on this transaction?

Information on this transaction is sourced from the official corporate announcement published by the parties, corroborated by a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

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