ZeroFox, the leader in external cybersecurity, today announced the divestment of its subsidiary, IDX, to Kingswood Capital Management. This strategic transaction will enable both ZeroFox and IDX to focus on their core market strengths and service offerings, reinforcing ZeroFox’s commitment to leadership in external cybersecurity, digital risk protection (DRP), threat intelligence (TI), and attack surface management (ASM). The deal has been signed and closed as of November 22, 2024, with no regulatory waiting period required.
“While IDX has been an incredible asset to ZeroFox, this transaction reflects our strategic priority to focus investment in our core external cybersecurity solutions,” said David Muse, Chief Executive Officer at ZeroFox. “By realigning our portfolio, we can accelerate innovation in our most differentiated capabilities, ultimately delivering more value to our expanding global customer base of nearly 1300 organizations.”
ZeroFox, with a global team of over 800 employees, has consistently been recognized as a leader in external cybersecurity, DRP, TI, and ASM by top industry analysts including Forrester, Frost & Sullivan, and Quadrant. This strategic decision reinforces ZeroFox’s commitment to those core markets, allowing the company to prioritize its commitment to exceptional customer experience, delivering best-in-class services, and driving product innovation.
Originally acquired by ZeroFox in 2022, IDX specializes in post-breach forensics, incident response, and regulatory compliance support. This transaction positions IDX, an established player in markets adjacent to ZeroFox’s core areas, to enhance its ability to serve its distinct client base effectively. Under new ownership, IDX is poised to continue its growth trajectory while delivering exceptional value to its customers.
“IDX has built an outstanding reputation in breach response and incident management, with a proven track record of helping organizations navigate complex cybersecurity challenges,” said Michael Niegsch, Partner at Kingswood Capital Management. “We see a clear opportunity to invest in their talented team and advanced capabilities, positioning IDX for further growth in an increasingly critical market segment.”
Evercore served as financial advisor for ZeroFox, and Ropes & Gray LLP acted as legal advisor for ZeroFox in this transaction.
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