Stock Ticker

  • Loading stock data...

AVG Technologies NV (NYSE:AVG) Acquires Privax For $60 Million

The leading antivirus solution provider AVG Technologies NV (NYSE:AVG) has decided to acquire Privax for $60 million. The announcement was made by AVG on Wednesday. Privax is a sought-after mobile and desktop privacy firm.

What’s In For Users:

AVG doesn’t want to leave any stone unturned to enhance its offerings. With the help of this acquisition, AVG will be able to add HideMyAss! Pro VPN service of Privax to its portfolio and expand its security offerings for mobile phones. In today’s time when Mobile phones have become an integral part of everyone’s life, the safety of data is of utmost importance. Both business users, as well as students, use mobiles for maximum transactions; hence, a more secure device can surely make them feel confident about protection of their data.

Privax is a leading mobile and desktop security service provider that has more than 250,000 paying customers around the world. The company offers HMA! Pro VPN proxy service as free and premium solution for smartphones. With the help of HMA! Users can easily switch their countries, have secure communication and disguise their online activity. It’s done by using multiple servers to form a strong proxy tunnel.

Under the terms and conditions of the deal, AVG has made an upfront payment of $40 million out of the agreed upon $60 million payment. The remaining $20 million payment will be made after a year’s time upon completion of certain milestones and targets by Privax.

Management’s Call:

The senior management of AVG is excited to crack this deal. According to Gary Kovacs, CEO, AVG, privacy has become of utmost importance as the reach of internet has increased to the next level. The internet users are expected to get double in the next five years; hence, there is a need for such technology that can protect AVG customers. Privax is capable of doing that, and AVG looks forward to a long-term association.

Published by Fiona Gibson

Fiona is a finance graduate and an expert in analyzing market trends.



Recent Stories

SignUp Now For Our Featured Newsletter