Cybersecurity Saas company ZeroFox to go public via merger with SPAC in deal valued at about $1.4 billion

ZeroFox Inc., a cybersecurity software-as-a-service company, said Monday it is going public via a merger with special-purpose acquisition corporation L&F Acquisition Corp.
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in a deal with an expected equity value of about $1.4 billion. As part of the deal, ZeroFox will acquire IDX, a digital privacy protection and data breach response service company. The new company will be renamed ZeorFox Holldings Inc. and is expected to trade under the ticker "ZFOX." ZeroFox was founded in 2013 to address the security challenges created by a "digital everything" world, said James C. Foster, chairman and CEO. "This rapid digital transformation has made companies vulnerable to attackers, resulting in the highest breach rate the industry has ever seen," he said. The new company will have more than $250 million of cash from the SPAC, as well as $170 million in financing led by Monarch Alternative Capital LP with participation from Victory Park Capital, Corbin Capital, and existing shareholders New Enterprise Associates, Highland Capital, Alsop Louie Partners, Blue Venture Fund, Peloton Equity, Forgepoint Capital and Foster. The deal is expec ted to close in the first half of 2022.

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