Investcorp to sell cybersecurity firm Avira for $360mn

Bahrain’s private equity company, Investcorp has entered into a definitive agreement to sell the tech company Avira for approximately $360 million to the US-based global consumer Cyber Safety leader, NortonLifeLock.

The deal is expected to close in the first quarter of 2021, subject to regulatory approvals and customary closing conditions. Investcorp was Avira’s first institutional investor when it acquired the firm. The sale of Avira is the first exit from the $400 million Investcorp Technology Partners Fund IV.

“Our investment in Avira is another great case study for how we can 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.”

Tarek AlMahjoub, Head of UAE and Oman for Investcorp’s Private Wealth said: “We are very pleased to have found a partner in Avira recognize their expertise in cybersecurity technology. With their deep expertise and strong management team, we are confident that Avira will continue its growth momentum. We are pleased with the result of this exit and our team’s ability to generate strong returns amidst a challenging environment.”

The tech investment strategy of Investcorp is focused on investing in mid-market companies with a record in the sectors of data/analytics, IT security, and fintech. Other investments by Investcorp from its new technology fund include SmartSpace from Ubisense and Calligo, a proprietary cloud solution.

Avira

Germany-based Avira supports the customer and OEM (original equipment manufacturer) industries with its cybersecurity software solutions. Avira offers a robust range of software security solutions to consumers, including anti-malware, threat intelligence, and IoT (Internet of Things) solutions to secure the online identity, finances, and personal data of users.