PhishMe sold to private equity consortium at $400 million valuation

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PhishMe, a seven-year-old startup that helps corporations prepare workers to keep away from phishing scams, introduced right this moment that it has been bought by a consortium of personal fairness companies at a valuation of $400 million.

That wording doesn’t give the precise value and an organization spokesperson was cautious in her response once we requested clarification. “That is an acquisition by a consortium of traders. The wording is mostly a reflection of the very fact that there have been plenty of events concerned.” It may be referencing the enterprise valuation, which is a mix of things resembling an organization’s debt and its money available, slightly than an precise buy value.

The corporate confirmed a Fortune report that the consortium consisted of two non-public fairness companies, BlackRock and Pamplona Capital Administration with the latter proudly owning about two-thirds of the corporate and BlackRock proudly owning the rest.

The corporate additionally introduced it was altering its title to Cofense and all of its branding has switched to the title on the corporate web site as of this morning.

As you may count on, the corporate sees this as a optimistic step, giving it the sturdy monetary backing of two non-public fairness companies. “So, our model is inline with our imaginative and prescient. Cool. However even higher, we’ve obtained deeper monetary backing to make the imaginative and prescient a actuality. The strategic imaginative and prescient is rising whereas monetary stress is shrinking,” firm CTO and co-founder Aaron Higbee wrote in a weblog publish asserting the deal.

He’s spinning this as a win for patrons, saying that they need to count on main updates throughout the corporate’s product suite, however when non-public fairness companies take over an organization, it’s by no means clear how properly prospects will fare. It relies upon whether or not they companies intend to take a position additional as Higbee suggests or whether or not they’re out to squeeze out as a lot income as they’ll from the corporate.

The startup launched in 2011 as a means to assist corporations battle phishing assaults the place hackers ship emails disguised as respectable correspondence. They usually comprise a malicious hyperlink or attachment. When a reader clicks the hyperlink or attachment, it offers the sender with some kind of entry. That might be for plenty of functions together with accessing an organization’s community, grabbing some personally identifiable data or for use in some kind of ransomware assault.

PhishMe/Cofense has raised $58 million in keeping with Crunchbase. The newest spherical was in July 2016 for $42.5 million led by the Paladin Capital Group.

Featured Picture: Getty Pictures

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