By Stephen Shanley Mar 11, 2019
Cyber security has become a top board-level priority for organizations of all shapes and sizes. Despite global spend on cyber security solutions reaching nearly $50 billion, breaches are occurring on a larger scale than ever before, with the number of year-over-year compromised records up 133 percent in 2018. Notably, over 90 percent of these successful attacks are the result of human error.
These human errors undermine an organization’s existing investment in cyber infrastructure. We believe the ‘human layer’ of security infrastructure is critical and we are in the early phases of seeing organizations invest heavily in their employees to build a robust ‘human firewall’.
KnowBe4 has developed a highly efficient and impactful platform that both educates employees and strengthens an organization’s existing security infrastructure. The usability and impact of the platform distinguishes KnowBe4 from competitors and has enabled the company to become the clear market leader.
Customers have taken notice. More than 23,000 organizations across a variety of industries, including large enterprise customers in highly regulated fields, use KnowBe4’s platform, helping push bookings to over $120 million and revenue growth to 110 percent in 2018.
With our investment, we look forward to leveraging KKR’s network and resources to help KnowBe4 accelerate its global roll-out strategy, strengthen its Tier I channel relationships (including with KKR portfolio companies), and expand its network of potential customers within both industry and government.
We continue to see highly attractive investment opportunities in the cyber security sector. KKR has repeatedly demonstrated the value our global platform can bring to companies and entrepreneurs in this vertical, including with past investments in Darktrace, Cylance, ForgeRock, Ping Identity, and Optiv.
We are excited to be part of the KnowBe4 story and look forward to working with our new partners in the next phase of their journey.