“Summit distinguished itself early-on with its speed in decision-making and consistently delivering on its promises. They took the time to understand the philosophy of our founders and business model, and have been strong supporters of AVAST ever since.”
Prague, Czech Republic
More than 3x increase in revenues and EBITDA in first three years after Summit’s investment
Grew from 100 million to nearly 200 million users in 43 languages
Doubled headcount to more than 300, and named Best Employer in the Czech Republic in 2013
AVAST Software began as a software cooperative in former Czechoslovakia. More than 25 years later, the company had built a leading antivirus software, protecting millions of users from online threats. With its disruptive freemium business model, AVAST was growing strongly and profitably, and sought a global investor to provide strategic advice and provide partial liquidity for shareholders.
How Summit helped:
- Initially invested $100 million for a minority stake
- Sourced, helped evaluate and complete several acquisitions
- Assisted in the recruitment of a CFO, head of e-commerce, head of analytics, head of marketing
- Helped improve the company’s operational and financial reporting systems
- Advised on the company’s expansion into mobile and other lines of business
- Built a strong board of directors, including Ken Goldman (Yahoo!), John Schwartz (Business Objects and Symantec) and Ulf Claesson (HP)
AVAST Software has become the most popular consumer antivirus software in the world, with the largest user base of any security software product. The company’s loyal and vast user community enables AVAST to provide best-in-class products and technology while delivering consistently strong financial results.