Mubasher: Investcorp has entered into a definitive agreement to sell Avira to NortonLifeLock, a global leader in consumer Cyber Safety, for about $360 million.
The transaction is expected to close in the first quarter (Q1) of 2021, subject to regulatory approvals and customary closing conditions, according to a recent press release.
Founded in 1986, Germany-headquartered Avira provides customers with a comprehensive suite of software security solutions, including anti-malware, threat intelligence, and Internet of Things (IoT) solutions to protect users’ online identity, finances, and private data.
Investcorp has collaborated with Avira to drive organic growth and materially raise EBITDA, whilst further enhancing its suite of cybersecurity offerings and footprint. The sale of Avira is the first exit from the $400 million Investcorp Technology Partners Fund IV.
“We believe this transaction reflects our ability to quickly execute an ambitious organic and inorganic growth strategy alongside a company’s management team. The opportunity to combine Avira with NortonLifeLock was too compelling to ignore,” said Managing Director and Head of Investcorp’s Technology Private Equity business, Gilbert Kamieniecky.
“We are very pleased to have found a partner in Avira recognise their expertise in cybersecurity technology. With their deep expertise and strong management team, we are confident that Avira will continue its growth momentum. We are pleased with the result of this exit and our team’s ability to generate strong returns amidst a challenging environment,” concluded Head of UAE and Oman for Investcorp’s Private Wealth, Tarek AlMahjoub.