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July 7, 2016 02:00 pm

Avast Acquires AVG For $1.3 Billion To Create Security Software Giant

An anonymous reader quotes a report from VentureBeat: Security software giant Avast Software has acquired rival AVG Technologies. Avast will pay $25 in cash for each of AVG's outstanding ordinary shares, in a deal amounting to around $1.3 billion. Avast said that it's acquiring AVG to "gain scale, technological depth and geographical breadth" and so it can "take advantage of emerging growth opportunities in internet security as well as organizational efficiencies." The combined company will have access to "400 million endpoints" -- that is, devices that have some form of Avast or AVG application installed. Almost half of those are mobile too, which is key in a world that is increasingly shifting away from the desktop. With access to more devices, this will serve the joint company a bigger pool of data on malware, meaning it should be better positioned to offer better security products. "We are in a rapidly changing industry, and this acquisition gives us the breadth and technological depth to be the security provider of choice for our current and future customers," said Vince Steckler, CEO of Avast. "Combining the strengths of two great tech companies, both founded in the Czech Republic and with a common culture and mission, will put us in a great position to take advantage of the new opportunities ahead, such as security for the enormous growth in IoT." The boards of both companies have approved the acquisition. However, AVG's shareholders still need to approve the deal, which Avast expects to happen between September and October 2016.

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