KnowBe4 IPO Plan: What $2 Billion Target Means for Cybersecurity MSPs, MSSPs

KnowBe4 has hired investment banks to prepare the phishing prevention and cybersecurity awareness training company for a potential IPO in 2020 or late 2021, Reuters reports.

KnowBe4 in 2019 raised $300 million from KKR, Elephant and TenEleven Ventures at a $1 billion  valuation. The IPO could value KnowBe4 at over $2 billion, Reuters suggests -- though the actual valuation could vary greatly given multiple economic and geopolitical variables.

KnowBe4, founded in 2010 by Stu Sjouwerman, focuses mostly on enterprise and large customer engagements. The company has a channel partner program, though there's occasional channel conflict with KnowBe4's direct sales processes, multiple partners tell MSSP Alert.

KnowBe4 Alternatives for MSPs, MSSPs

Although KnowBe4 is growing rapidly, the company faces competition from a growing number of cybersecurity awareness training companies that specifically serve MSPs and MSSPs.

Key alternatives include Barracuda PhishLine, Cofense, OpenText's Webroot Security Awareness Training. Proofpoint Security Awareness Training and Sophos Phish Threat. Moreover, startups such as Cyberfish are gaining momentum with MSPs.