AVAST Software has a new minority shareholder in Summit Partners, after the Boston-based private equity investor pumped USD $100 million into the company. The growth of AVAST has been spurred by the exponential increase of computer security risks over the last decade. Summit Partners believes AVAST is in a unique position to continue growing in the security software marketplace.
As part of the deal, Summit will receive a seat on the Avast Board of Directors. Managing Director Scott Collins is expected to fill that seat.
AVAST Software (www.avast.com)
AVAST Software is a security software firm whose ant-virus and malware package is installed on one out of every five X86 computers worldwide, serving more than 120 million users. The company offers a free version of its flagship software, in addition to the Pro Antivirus and Internet Security packages.
AVAST was established in 1988 by two Czech scientists interested in computer security. Today the company employs more 100 people, marketing and distributing its software around the world. AVAST is based in Prague.
Summit Partners (www.summitpartners.com)
Established in 1984, Summit Partners bills itself as a growth equity investor. The firm makes investments in a variety of sectors through management buyouts, growth equity, and recapitalization.
In addition to helping the growth of portfolio companies, Summit also provides expertise to aid them in preparing for future IPOs. More than USD $11 billion has been raised during the company’s history, with investments being made in more than 300 enterprises.
Summit Partners maintains offices in Boston, London, Palo Alto, CA.
31/08/2010
Central & Eastern Europe, Czech Republic, Investment, Private Equity News, Software & Information Technology