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Business Observer Tuesday, May 21, 2019 3 weeks ago

Cybersecurity firm expands global reach with acquisition in Europe

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Clearwater-based KnowBe4 buys Norwegian company CLTRe.

CLEARWATER — IT security firm KnowBe4 has acquired CLTRe (pronounced “Culture”), a Norwegian company that specializes in helping businesses and organizations build and maintain strong cybersecurity policies and practices.

According to a press release, CLTRe will continue to operate as an independent subsidiary of Clearwater-based KnowBe4. Other terms of the deal were not disclosed.

KnowBe4 users, the release states, will gain access to CLTRe’s research-driven measurement platform, which shows how their security culture program matures over time. CLTRe clients, meanwhile, will be introduced to KnowBe4’s simulated phishing platform that helps educate users and change their behavior.

“Today’s announcement brings KnowBe4 very valuable tools to help our customers measure what matters — their security culture — so they can make decisions about how to improve,” states Stu Sjouwerman, CEO of KnowBe4, in the release. “We’re excited to welcome the CLTRe team to the KnowBe4 family and to enhance our European presence while supporting more global customers.”

The acquisition is the latest win for KnowBe4, which generated $120 million in revenue in 2018 — nearly double the $62 million from 2017 — and has been valued at $800 million by investors KKR and TenEleven Ventures. In February, it acquired Brazilian IT security firm El Pescador. 

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