Vista Equity to Pay $4.6 Billion for Software Firm KnowBe4

Vista Equity Partners has agreed to pay $4.6 billion for KnowBe4 Inc. after sweetening its offer for the software-security firm.

The private equity firm will pay $24.90 in cash for KnowBe4, according to a statement Wednesday. That’s up from the $24 per share Vista Equity offered last month.

KnowBe4 said that its board approved the deal after engaging in a “robust process” connected to Vista’s initial offer.

“Today’s announcement is a testament to the success of our strategy and the strength of our incredible team. This acquisition by Vista represents the next phase of our journey,” Stu Sjouwerman, KnowBe4’s ...