CVC Capital Partners Invests in Avast to drive US and Mobile Growth
REDWOOD CITY, Calif., February 5, 2014-- AVAST Software a.s., the world’s leading consumer security software company, announced today that CVC Capital Partners has signed binding agreements for a major investment in the company. The investment, which values AVAST at $1 billion, will position the company to expand its global reach into mobile security and the USA.
Founded in 1988, AVAST provides security software for PCs, smartphones, and tablets for businesses and home users. The company has more than 200 million users in 40 languages and provides the world’s most popular PC security, which protects nearly 170 million PCs. avast! Mobile Security has rapidly become one of the world’s most popular Android security products and protects nearly 40 million Android devices. In addition to providing market-leading antivirus software, AVAST products include SafeZone, providing a secure virtual environment for online transactions; avast! EasyPass, a password storage facility; avast! BackUp, a cloud backup facility; avast! Secureline VPN, which secures any public WiFi and makes your browsing anonymous; and avast! Browser Cleanup, which deletes unwanted toolbars and plugins. AVAST is also launching avast! GrimeFighter, a revolutionary PC optimisation and clean-up utility.
Vince Steckler, CEO of AVAST, said: “AVAST is the undisputed global leader in consumer PC antivirus and a pacesetter in mobile security – but we’re not yet number one in every market. CVC gives us the resources to become the number one PC security provider in the US and Asia, and the clear market leader in mobile security.”
Lorne Somerville, Partner and Head of TMT at CVC Capital Partners, and Siddharth Patel, Managing Director, TMT, at CVC Capital Partners said: "We are thrilled to be partnering with AVAST and its outstanding management team to support their strategic vision for the company. AVAST’s focus on customer experience, best-in-class technology, and rapid growth in mobile set it apart from any other security software company. Furthermore, we firmly believe in its ability to offer more and more to its 200 million users, driven by the philosophy that its free products should be better than the paid products offered by others. We look forward to joining the founders and Summit Partners as we support the company through its next exciting phase of growth.”
Summit Partners, a global growth equity investor, invested in AVAST Software in 2010 and remains a shareholder alongside AVAST founders, Eduard Kučera and Pavel Baudiš. Scott Collins, Managing Director at Summit Partners said: “We welcome the opportunity to work alongside CVC. AVAST is a successful investment for us and we would like to continue to build and grow AVAST as the pre-eminent security software business globally.”
Pavel Baudiš and Eduard Kučera said: “We have had the chance to get to know CVC well, and believe they share our values and are an excellent partner for the development of AVAST. There is so much opportunity ahead of the company that, with CVC’s knowledge and resources, we are better prepared for the next wave of development.”
The completion of the transaction is expected in March 2014.
Jefferies International provided advisory services to CVC. Credit Suisse, UBS and Jefferies have provided committed financing to the company, including further facilities to fund investments and acquisitions.
AVAST Software (www.avast.com), maker of the most trusted antivirus in the world, protects over 209 million people, computers and mobile devices with its security applications. In business for over 25 years, AVAST is one of the pioneers in the computer security business, with a portfolio covering everything from free antivirus for PC, Mac, and Android, to premium suites and services for both consumers and business. In addition to being top-ranked by consumers on popular download portals worldwide, AVAST is certified by, among others, VB100, AV-Comparatives, AV-Test, OPSWAT, ICSA Labs, and West Coast Labs.
About CVC Capital Partners
CVC is a leading international private equity firm. Founded in 1981, CVC today has a network of 20 offices and some 250 employees throughout Europe, Asia and the US. CVC manages funds on behalf of over 300 investors including pension funds, financial institutions, sovereign wealth funds and other investors. To date, CVC has secured commitments of over US$56 billion in funds and has completed over 300 investments in a wide range of industries and countries across the globe, with an aggregate transaction value of US$172 billion. CVC Funds currently own over 55 companies worldwide, which generate over US$120 billion in revenues and employ around 400,000 people.
About Summit Partners
Founded in 1984, Summit Partners is a global growth equity firm that has raised nearly $15 billion in capital and provides equity and credit for growth, recapitalizations and management buyouts. Summit has invested in more than 380 companies in technology, energy and other growth sectors. These companies have completed more than 130 public offerings, and more than 135 have been acquired through strategic mergers and sales. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or follow on Twitter at @SummitPartners.
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