Vista Equity Makes Offer for Software Security Firm KnowBe4

Vista Equity Partners has offered to buy software-security firm KnowBe4 Inc. for $24 per share in cash, according to a statement Monday. The stock soared on the news.

The buyout firm’s non-binding proposal represents a 39% premium to KnowBe4’s closing share price on Friday. The stock rose 28% to $22.16 at 11:26 a.m. in New York trading Monday, giving the company a market value of about $3.9 billion.

Vista Equity, run by billionaire Robert Smith, is one of the most active private equity investors in the software space, announcing deals this year for companies including Avalara Inc. and Citrix Systems ...