-
WEBSITE
-
SECTOR
Enterprise Technology and Services
-
INVESTMENT YEAR
2018
-
STATUS
Realized, Acquired by KnowBe4 in 2024
-
LOCATION
London, UK
Egress
A leader in adaptive and integrated cloud email security. The Egress Intelligent Email Security suite provides a set of scaled, AI-enabled security tools with adaptive learning capabilities to help prevent, protect and defend organizations against sophisticated email and cybersecurity threats.
Investment Theme
Increasing sophistication of cyber attacks and proliferation of human-centric risks are driving the need for advanced email security.
Partnering with an early leader in email security on strategic M&A and geographic expansion
“A big part of our journey with FTV was trying to internationalize at scale, with the US being the primary market. FTV really supported us every step of the way. The FTV team’s patience was their greatest strength – they understood that we were iterating on both our product and our team.”
No matter how effective a company’s cybersecurity tools are, humans inside an organization can still be the weakest link. This was the critical insight that Tony Pepper and his team built a company around, launching Egress in the U.K. in 2007 as an easy-to-use email encryption product, at a time when the global cybersecurity market was still nascent. The company initially served the U.K. and Europe. As the cybersecurity market expanded, Egress established itself as a world leader in human-layer security.
In 2018, FTV led a $40 million growth investment aimed at helping Egress further its rapid growth in Europe, drive its expansion into North America and roll out a full suite of cloud email security initiatives. Years before ChatGPT launched, Egress developed a way to use machine learning to continuously assess human risk. The company kept adapting and expanding products, growing its market share and developing new ways for clients to combat email security threats – a problem that now costs companies over $400 million annually in the U.S. and U.K.
Read More +Egress has won numerous awards for its innovation, including Security Innovation of the Year from the British Computer Society and Cutting Edge in Insider Threat Prevention from Infosec.
In July 2024, FTV helped lead the sale of Egress to KnowBe4 – provider of the world’s largest security awareness training and simulated phishing platform – creating the largest, advanced AI-driven cybersecurity platform for managing human risk. Egress is another example of FTV’s successful track record of scaling enterprise software companies in the cybersecurity and compliance space.
FTV Value Add
Geographic Expansion
FTV’s capital infusion helped Egress drive significant expansion into new European markets, as well as the U.S. FTV helped the company establish its U.S. headquarters, offering data and insights on talent to inform decisions. The company’s successful move into the U.S. and buildout of an American customer base led to significant growth, with 10x revenue growth in North America.
Strategic M&A
FTV worked closely with Egress on several potential acquisition opportunities, including one, Aquilai, that proved integral to expanding Egress’ product portfolio and accelerating its growth in both the U.S. and the U.K.
Talent Recruitment
FTV helped drive team growth, including hiring several key sales leadership roles and making numerous talent introductions.
Business Development
Through our Global Partner Network®, FTV facilitated more than 70 commercial introductions for Egress, including BNP, Barclays, UBS and others, several of which resulted in commercial contracts.
Operations and Finance
Supported operational enhancements to drive sustained growth and increase operational efficiencies, including helping Egress improve cash-flow issues and achieve long-term financial stability.