ZeroFox

ZeroFox provides a patented platform that leverages AI-driven analysis to protect against external threats like ransomware, data exfiltration, and DDoS attacks stemming across the public attack surface, dark web, cloud-based applications, and social media platforms. The company provides actionable threat intelligence, pre-breach response services, and an app library that integrates with more than 500 applications.

In December 2021, ZeroFox announced a merger with the special purpose acquisition company (SPAC) L&F Acquisition Corp (LNFA). As part of the transaction, the company also acquired the digital privacy and data breach response services provider IDX, following a long-standing partnership. The combined entity “ZeroFox Holdings” became a publicly-traded company with an equity value of USD 1.4 billion and commenced trading on the New York Stock Exchange (NYSE) under the ticker “ZFOX” in H1 2022. ZeroFox received more than USD 250 million in cash through the transaction, comprising USD 175 million from LNFA’s trust account and USD 170 million in growth capital financing led by Monarch Alternative Capital LP and other participating investors. The company channeled the funding toward expansion initiatives in the cybersecurity space, invested in AI capabilities, and scaled its team. The combined entity was expected to generate over 90% of revenues from recurring platform subscriptions, housed more than 650 employees, and served almost 2,000 customers.

In May 2023, ZeroFox launched “FoxGPT” , a generative AI which leverages threat intelligence data from around the web to detect threats and vulnerabilities. The AI is designed to optimize cybersecurity workflows, and analyze and contextualize external threats.

IDX (Identity Theft Guard Solutions) provides a proprietary digital privacy platform to deliver customized post-breach response services and identity protection.The acquisition of IDX was to provide ZeroFox with external threat protection and data breach response capabilities to address the full lifecycle of external cyber threats.

ZeroFox commenced trading on the Nasdaq under the ticker “ZFOX” in August 2022. The company also estimated that it will achieve USD 150 million in revenue by the end of 2022 and also expects to be acquired in the future.

In April 2023, ZeroFox acquired threat intelligence firm LookingGlass for ~USD 26 million. The acquisition of LookingGlass was expected to enhance the ZeroFox platform’s visibility into external attack surface assets and vulnerabilities, as part of the company’s strategy to provide customers a unified end to end external attack surface management platform.

Key customers and partnerships

By December 2021, ZeroFox counted seven of the Fortune 10 and 128 of the Global 2000 companies among its customers. The company served 130 customers in more than 50 countries including in Africa, the Middle East, and Latin America, with 50 to 100 channel partners across the globe.

Funding and financials

The company expected a 14.5% YoY increase in revenue and USD 26 million in losses for FY2021 ending January 2022.