-52%

est. 2Y upside i

Cybersecurity

Stage: exit. Country: Germany

Rank

#3653

Sector

Cybersecurity

Est. Liquidity

~3Y

Data Quality

Data: Medium

The equity opportunity is not in ZenMate, which merged into CyberGhost VPN in 2023, but in its parent company, Kape Technologies.

Last updated: March 10, 2026

Bull (25%)+75%

Kape Technologies successfully integrates its diverse VPN portfolio (including former ZenMate users), achieves significant subscriber growth and increased ARPU through cross-selling and new privacy features. This leads to a strong private valuation, enabling a successful re-IPO or strategic sale at approximately $2.8 billion within 2-3 years, providing substantial returns for equity holders.

Base (35%)+15%

Kape Technologies maintains its strong position in the competitive VPN market, with steady subscriber growth and stable profitability. The company continues to operate successfully under private ownership, with its valuation growing modestly to around $1.84 billion over 2 years, but with limited immediate liquidity options for common equity.

Bear (40%)-35%

Increased competition, commoditization of VPN services, or adverse regulatory changes impact Kape Technologies' subscriber base and profitability. The private valuation stagnates or declines to around $1.04 billion, and with significant liquidation preferences from the private owner, common equity holders see a substantial reduction or complete loss of value.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Funding Intensity

81%

Kape Technologies was acquired by Unikmind Holdings for approximately $1.51 billion to $1.7 billion. Any new common equity granted would be subordinate to the private owner's significant investment, implying a substantial liquidation preference ahead of common shareholders.

Dilution Risk

moderate

As a private company, future dilution could occur through additional equity grants to employees or potential future capital raises, although the sole owner structure might limit external investor dilution.

Secondary Liquidity

none

There is no active public market for Kape Technologies shares, and secondary liquidity would be entirely at the discretion of the private owner, which is typically rare for common equity.

Other — 1 role

View all 1 open roles at ZenMate →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on ZenMate's data — designed to show you've done your homework.

  • 1

    “Given ZenMate's merger into CyberGhost and Kape Technologies' transition to private ownership, how is employee equity structured, and what are the realistic liquidity expectations for common stock or options?”

  • 2

    “What is Kape Technologies' long-term strategy for its portfolio of VPN brands (ExpressVPN, CyberGhost, PIA), and how do you plan to differentiate and grow market share in such a competitive landscape?”

  • 3

    “How does Kape Technologies navigate the evolving regulatory environment for VPNs and address privacy concerns, especially considering the origins of some of its brands in 14 Eyes countries?”

Community

Valuation Sentiment

Our model estimates -52% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.