Sweetening up the SPAC potential: Company formerly known as ID Experts to be acquired by ZeroFox

A Portland company is one ingredient sweetening a pending SPAC deal. ZeroFox, which is intending to go public, snapped up IDX, the Tigard based company formerly known as ID Experts.

According to the Portland Business Journal:

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.

ZeroFox created a cybersecurity platform that supplies customer intelligence and disrupts phishing, impersonations, data leakage and other services. With the acquisition of IDX, the company says it now has an end-to-end platform to work with customers to protect and respond to a breach.

“With this transaction, we are creating the industry’s first publicly traded company that is focused on providing an enterprise external cybersecurity SaaS platform,” said James Foster, CEO of ZeroFox. “We intend to leverage this growth capital to continue investing in our artificial intelligence capabilities, scaling our go-to-market efforts and expanding our world-class team. We believe this will create value for our existing and new shareholders whilst we focus on growth, expanding our triple-digit net retention and delighting our customers.”

For more, see the ZeroFox press release.