Bahrain-based Investcorp sells Avira to NortonLifeLock for $360mln

Germany-headquartered Avira serves the consumer and original equipment manufacturer markets

A front view of Investcorp headquarter. Image used for illustrative purpose.

A front view of Investcorp headquarter. Image used for illustrative purpose.

MANAMA: Investcorp has agreed to sell cybersecurity solutions provider Avira to NortonLifeLock for $360 million.

The Bahrain-based alternative investment manager said yesterday it has entered into a definitive agreement with the consumer cyber safety leader and the transaction is expected to close in Q1-2021.

Germany-headquartered Avira serves the consumer and original equipment manufacturer markets.

Founded in 1986 by Tjark Auerbach, it provides a comprehensive suite of software security solutions, including anti-malware, threat intelligence and IoT solutions to protect users’ online identity, finances, and private data.

Investcorp became Avira’s first institutional investor when it acquired the company and has collaborated in driving organic growth and materially increasing EBITDA, while further enhancing the company’s suite of cybersecurity offerings and footprint through a strategic acquisition.

The sale of Avira is the first exit from the $400m Investcorp Technology Partners Fund IV. has reported that NortonLifeLock expects the acquisition to be financially accretive in the first year, to achieve approximately 50pc operating margin post-synergies.

Describing the Avira investment as ‘a great case study’ of how Investcorp is able to leverage European tech expertise to help founders accelerate business growth, Gilbert Kamieniecky, managing director and head of the firm’s technology private equity business, said: “We believe this transaction reflects our ability to quickly execute an ambitious organic and inorganic growth strategy alongside the management team. The opportunity to combine Avira with NortonLifeLock was too compelling to ignore, for the organisation and we wish the company the best as it builds a strong European footprint for the combined entity.”

Yusef Al Yusef, managing partner for Investcorp’s Private Wealth, said: “Avira was another high-quality addition to our technology partners portfolio, representing an attractive opportunity to invest in a cybersecurity business, and we are proud of the progress they have built overtime.”

Investcorp has a market leading position investing in lower mid-market technology companies in the data/analytics, IT security and fintech/payment sectors.

Other investments by its firm’s latest technology fund include Ubisense’s SmartSpace, an enterprise software and sensor real-time location solutions platform; Softgarden, a human resources software provider; Calligo, a proprietary cloud solution; Ageras, an online marketplace matching SMEs with professional service providers; Impero, a provider of online student safety and classroom and network management software; and Contentserv, a product information management solutions provider.

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