On December 20, 2021, ZeroFox, an enterprise software-as-a-service (Saas) leader in external cybersecurity, and L&F Acquisition Corp., a special purpose acquisition company formed for the purpose of entering into a combination with one or more businesses, announced that they have entered into a definitive agreement for a business combination that will result in ZeroFox becoming a publicly traded company with an expected equity value of approximately $1.4 billion, assuming no redemptions. As part of the transaction, ZeroFox will acquire IDX, a leading digital privacy protection and data breach response services company, resulting in the creation of a cybersecurity provider addressing the full lifecycle of external cyber threats and risks for its customers. Upon closing of the transaction, the combined company will be renamed ZeroFox Holdings, Inc. and expects to be listed under the ticker symbol "ZFOX." Wilson Sonsini Goodrich & Rosati represented IDX in the transaction.

Together, IDX and ZeroFox will provide external threat protection capabilities and breach response services, a holistic offering for companies protecting against, or responding to, an external cyberattack. The combined company will have over 650 employees and serve nearly 2,000 customers including five of the Fortune Top 10 and the largest companies in media, technology, retail, and energy. Collectively, over 90 percent of revenues will be recurring platform subscriptions. The business combination is expected to close in the first half of 2022.

The Wilson Sonsini team that advised IDX on the transaction includes Jeana Kim, Todd Cleary, Tony Jeffries, Kenji Strait, Austin Wolfe, Josh Gruenspecht, Peter Bratton, Aletha Tarn, Myra Sutanto Shen, Nimit Dhir, Mark Fitzgerald, Adrian Broderick, Jill Fulwiler, and Ben Labow.

For more information, please see the news release.