ZeroFox to Go Public in $1.4 Billion SPAC Deal
Social media threat protection firm ZeroFox, announced on Monday that it would acquire incident response services firm IDX and become a publicly traded company via Merger with L&F Acquisition Corp.
ZeroFox provides an AI-powered platform that protects users and brands from social media-sourced threats. The platform analyzes millions of pieces of publicly-accessible content in platforms such as Microsoft 365, G Suite, LinkedIn, Facebook, Slack, Instagram, and Apple and Google mobile app stores — looking for potential threats such as account compromise, fraudulent profiles, business email compromise and spear-phishing on digital platforms.
Upon closing of the transaction, the combined company will be renamed ZeroFox Holdings and have more than 650 employees and serve nearly 2,000 customers.
The company is expected to be listed under the ticker symbol “ZFOX”.
According to the announcement, the combined company is expected to have a pro forma equity value of approximately $1.4 billion, assuming no redemptions, resulting in over $250 million of cash on the combined company’s balance sheet.
ZeroFox, which has raised more than $154 million in funding, was founded in 2013 by Chris Cullison, Evan Blair, Hillary Herlehy (chief people officer), James Foster (CEO), and Robert Francis.