Published: September 14, 2010
Eastern European software firm secures PE investment.
A US private equity firm has paid US$100mn for an undisclosed minority stake in a Czech-based software security developer that claims to protect one in five of the world’s computers.
Summit Partners adds antivirus specialist Avast Software to a portfolio that includes interests in similar companies, such as McAfee, Postini, SafeBoot and Sybari Software.
Avast’s chief executive, Vince Steckler, believes Summit’s investment is a “vote of confidence” in the company’s business model, which combines free and retail products. He adds that the board and Summit will work to grow the business but that there are no plans to change “our approach and conform to the classic retail positioning model”.
Following the deal, Summit managing director Scott Collins joins the company’s board. Collins says that Steckler and Avast’s founders, Pavel Baudis and Eduard Kucera, have built a unique security software company and that he looks forward to working with management to continue its growth.