Baltimore-based cybersecurity company ZeroFox went public Thursday via a SPAC merger that also completed its acquisition of Tigard-based IDX.
The deal was announced in December. ZeroFox merged with L&F Acquisition Corp., a special purpose acquisition company, and now trades on the Nasdaq exchange under the ticker: ZFOX.
As part of this SPAC merger the company also acquired IDX. IDX is an identity protection company and has 150 employees. The IDX office is now ZeroFox’s West Coast Operations Center.
“As the most trusted name in digital privacy protection and data breach response, IDX provides both large multinational enterprises and governments with the tools needed to address digital threats. I am fully confident that ZeroFox, with its complementary solutions in external cybersecurity and digital risk protection, will help take that success to new levels,” said IDX CEO Tom Kelly in an email about the deal.
“Our decision to join ZeroFox was based on a long-standing partnership with a shared vision to make the digital world a safer place. We are eager to leverage our platform and capabilities to support this vision and bring proven solutions to enterprises and other organizations," Kelly added.
IDX helps customers, including companies and government organizations, monitor and protect themselves from identity theft. The company bills itself as the largest provider of data breach response services and has millions of users. It has been a fast-growing company for several years thanks to some large contracts, including a $400 million multiyear deal with the federal Office of Personnel Management to monitor the identities of government employees and contractors.
IDX had been a customer of ZeroFox.
Shares of ZeroFox were up more than 28% in midday trading.
