Despite the shutdown of the corporate world by the Coronavirus pandemic, corporate boardrooms are still closing deals, and the latest is between software security firm, Avira and Investcorp Technology Partners.
Avira has been acquired by Investcorp Technology Partners. The deal helps Avira secure a strategic partnership with Investcorp, making it the first the latter would receive since it was established by Tjark Auerbach.
The firm had been shying away from such investment for 20 years until Investcorp came knocking. The investment secured from Investcorp Technology was not disclosed by the companies, but Avira in a statement said the partnership would enable the company to achieve its goal.
Nigerian users, others to enjoy free service: Avira is known for pioneering freemium software business model in the cybersecurity and antivirus industry. Many computer geeks, including Nigerians, have benefited from Avira’s business model; free and paid-for products.
And according to Auerbach, the partnership will ensure Avira continues offering free-of-charge security products to its users globally, as it believes cybersecurity is a right, not a privilege, “We have been protecting our users for more than 30 years,” Auerbach stated.
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The German security firm has been specialising on IT Security, Data/Analytics, and Fintech/Payment sectors. Some of Avira’s products include Utimaco, Sophos, Optiv, SecureLink, CoreSec, Nebulas, iT-CUBE, CSID, OpSec and Impero.
The acquisition occurred at a period business activities are disrupted by Coronavirus outbreak. The corporate world has been silent in business-related affairs, with their revenue declining due to the global lockdown and social distancing being observed. But this deal proves the boardrooms are not giving up easily to COVID-19 disruption.
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“With Investcorp, I have an investment partner who shares my values and will underpin the strategy of the management team to continue protecting people for many years to come,” he added.
Investcorp Technology will now take majority ownership, but Auerbach will also retain a significant stake in Avira.
The Chief Executive Officer of Avira, Travis Witteveen, said, “We are proud to be partnering with a firm that offers such a breadth of experience working with growing technology and software companies.”
He added, “The investment confirms our business strategy and enables Avira to further accelerate our profitable growth in the consumer and OEM market segments.” The investment takes Avira’s total valuation to $180 million.