London, Dec 8 (IANS) Consumer cybersecurity brand NortonLifeLock has said it will acquire German cybersecurity firm Avira in an all-cash transaction for approximately $360 million.
The announcement on Monday comes eight months after Investcorp Technology Partners acquired Avira for $180 million.
Avira provides a consumer-focused portfolio of cybersecurity and privacy solutions to a strong base in Europe and key emerging markets.
“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,” Vincent Pilette, CEO, NortonLifeLock, said in a statement.
“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.”
The acquisition is expected to accelerate NortonLifeLock’s international growth in Europe and key emerging markets.
It is expected to add approximately three points of growth to NortonLifeLock’s revenue with more than 1.5 million paying customers.
Upon deal close, Avira CEO Travis Witteveen and CTO Matthias Ollig will join the NortonLifeLock leadership team.
Subject to regulatory and customary closing conditions, the acquisition is expected to close in the fiscal 2021 fourth quarter and is not expected to be material to fiscal 2021 Q4 results, NortonLifeLock said.