KnowBe4 Sued Over Vista, KKR $4.6 Billion Take-Private Plan

Two investors sued KnowBe4 Inc. over fears that its planned $4.6 billion sale to a private equity consortium led by Vista Equity Partners—which received preliminary shareholder approval Tuesday—would rip off public investors in a business exceeding its forecasts.

The lawsuits, filed Monday, target a take-private transaction that also involves other early investors in the cybersecurity company, which went public in 2021. The other investors allegedly participating in the buyout are KKR & Co., Elephant Partners, and KnowBe4 founder Stu Sjouwerman.

The complaints in Delaware’s Chancery Court seek files from the company to investigate allegations that its board members approved ...