Investcorp, a global investment manager, specializing in alternative investments across private equity, real estate, credit, absolute return strategies, GP stakes, and infrastructure, announced on Monday it has entered into a definitive agreement to sell Avira (or the “Company”) to NortonLifeLock (NASDAQ: NLOK), a global leader in consumer Cyber Safety, for approximately $360 million. According to Investcorp, Avira is a Germany-headquartered, global cybersecurity software solutions firm serving the Consumer and OEM (Original Equipment Manufacturer) end markets.
“Founded in 1986 by Tjark Auerbach, Avira provides customers with a comprehensive suite of software security solutions, including anti-malware, threat intelligence and IoT solutions to protect users’ online identity, finances, and private data.”
Speaking about the sale, Gilbert Kamieniecky, Managing Director and Head of Investcorp’s Technology Private Equity business, stated:
“Our investment in Avira is another great case study for how we are able to leverage our expertise in European Tech to help founders to strengthen and accelerate the growth of their businesses. 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, for the organization and we wish the company the best as it builds a strong European footprint for the combined entity.”
Travis Witteveen, CEO of Avira added:
“We are grateful to Investcorp for the support they provided to accelerate Avira’s development and position us for this next chapter. NortonLifeLock’s vision to provide Cyber Safety for everyone directly aligns with our belief that everyone has the right to enjoy life online safely, securely and privately. With cyber threats continuing to grow globally, we are excited to join forces with NortonLifeLock to reach and protect more consumers around the globe.”
The transaction is expected to close in the first quarter of 2021, subject to regulatory approvals and customary closing conditions. The sale of Avira is the first exit from the $400 million Investcorp Technology Partners Fund IV.