ZeroFox to go public in a $1.4 billion SPAC deal

ZeroFox, an enterprise threat intelligence and cybersecurity startup that helps businesses spot hazards found on social media, has announced plans to merge with blank-check company L&F Acquisition to become a publicly-traded company.

ZeroFox, based in Maryland, will acquire IDX, a consumer privacy platform that claims to be America’s largest provider of data breach response services, as part of the deal. Since its founding in 2013, ZeroFox has raised more than $154 million in the capital.

To become a cybersecurity provider that addresses “the full lifecycle of external cyber threats and risks for its customers,” the company’s technology will combine with the ZeroFox platform. This AI-powered service protects organizations against scams, malicious links, and account hijacking threats.

“Since ZeroFox was founded in 2013, we have helped companies address emerging security challenges caused by the transformational shift to a ‘digital everything’ world. This rapid digital transformation has made companies vulnerable to attackers, resulting in the highest breach rate the industry has ever seen. We believe that external cybersecurity must be a top-three priority and part of the critical security tech stack for chief information security officers because perimeter firewalls and internal endpoint agents alone are not enough to protect company assets and customers.”

James Foster, chief executive of ZeroFox

The combined firm will be renamed ZeroFox Holdings after the purchase closes, and it will have around 650 workers and nearly 2,000 customers. The combined entity’s stock worth is projected to be about $1.4 billion, and the company will list under the ticker code ZFOX.

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