- NortonLifeLock (NASDAQ: NLOK) recently announced it is buying Avira in an all-cash transaction for approximately $360 million from Investcorp Technology Partners. These are the details.
NortonLifeLock (NASDAQ: NLOK) recently announced it is buying Avira in an all-cash transaction for approximately $360 million from Investcorp Technology Partners. AND Avira provides a consumer-focused portfolio of cybersecurity and privacy solutions to a strong base in Europe and key emerging markets.
NortonLifeLock is expecting strategic and financial benefits as a result of the deal. And the deal is expecting to advance NortonLifeLock’s aspiration to bring Cyber Safety to everyone. Plus the deal will accelerate NortonLifeLock’s international growth in Europe and key emerging markets. It will be financially accretive in the first year and achieve approximately 50% operating margin post-synergies.
Upon the closing of the deal, Avira CEO Travis Witteveen and CTO Matthias Ollig will join the NortonLifeLock leadership team. And subject to regulatory and customary closing conditions, the acquisition is expected to close in Q4 2021 and is not expected to be material to Q4 2021 results.
KEY QUOTES:
“I am delighted to welcome Avira to the Norton family. We strive to bring Cyber Safety to everyone, and acquiring Avira adds a growing business to our portfolio, accelerates our international growth and expands our go-to-market model with a leading freemium solution. Culturally, we are a great match. We share a relentless focus on delivering innovative products to customers and we always think customer-first. We cannot wait to get started with Avira.”
— Vincent Pilette, CEO, NortonLifeLock
“NortonLifeLock and Avira are fiercely dedicated to helping protect consumers’ digital lives. We are thrilled to become part of NortonLifeLock – a company that is synonymous with trust and leadership in Cyber Safety. By leveraging the scale of NortonLifeLock, we can reach and protect more consumers around the globe.”
— Travis Witteveen, CEO, Avira
“We were pioneers in delivering comprehensive Cyber Safety to consumers via our Norton 360 platform, and now with the addition of Avira’s product capabilities and solutions, we can better serve a broader set of consumers with our combined portfolio and a freemium business model.”
— Gagan Singh, chief product officer, NortonLifeLock
