Qomplx to enter public markets via $1.4bn Tailwind SPAC deal

Risk analytics and insurance technology provider Qomplx has agreed to go public through a merger with special purpose acquisition company (SPAC) Tailwind Acquisition.

The equity value of the deal is approximately $1.4 billion. Upon closing in mid-2021, Qomplx will list on the New York Stock Exchange.

As part of the agreement, Qomplx will buy two other companies - cyber intelligence and analytics solutions provider Sentar and insurance modeling and actuarial platform Tyche.

The transaction includes a fully committed PIPE of $180 million anchored by Cannae Holdings with participation from institutional investors including Fidelity Management & Research Company, Hedosophia and RenaissanceRe Ventures, a subsidiary of RenaissanceRe.

Qomplx helps organisations make intelligent business decisions and better manage risk through its advanced, proprietary risk cloud platform.

The company's co-founder and CEO Jason Crabtree believes that its agreement to reach public markets in partnership with Tailwind will expedite Qomplx’s ability to reach more customers globally and support the development of its core technology platform.

"With the exceptional Sentar and Tyche domain experts joining Qomplx, we are poised for growth fueled by extraordinary people, defensible technology, and a strong balance sheet," said Crabtree.

"Today’s agreement furthers Qomplx’s mission to help organizations get to 'ground truth' in their cybersecurity and risk quantification, risk management and risk finance efforts," he added.

Qomplx is backed by Bill Foley's investment firm Cannae Holdings, which is responsible for the creation and growth of over $140 billion in publicly traded companies including Fidelity National Information Services (FIS), Fidelity National Financial (FNF), and Black Knight.

Foley commented: "We are very excited to announce Tailwind's transaction with Qomplx and to invest additional capital into this portfolio company as it enters public markets.

"Cybersecurity and risk management are increasingly fundamental in business and government. Qomplx uses technology to drive more disciplined business decisions about risk with a financial lens. This is a highly scalable company with real and rapidly growing revenues with formidable domain expertise."

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