“Early-on, Summit took the time to understand our business model and the culture of our company , and they helped us establish a foundation for growth that acknowledged the importance of both. Summit has been a vital partner throughout a period of incredible transformation and growth for Avast. We are tremendously grateful for their guidance, insight and partnership.”
Vince Steckler, Former CEO
Location:
Prague, Czech Republic
Founded in:
1991
invested in:
2010
Status:
IPO 2018
LON: AVST
Case Study:
Avast
Global leader in digital security products
Increased revenues more than 20x during Summit’s investment
Grew from 100 million to more than 435 million users worldwide
Scaled organization from 120 employees in Prague to approximately 1,700 employees in 20 offices around the world
Acquired AVG Technologies (NYSE: AVG) in 2016 for $1.3 billion, creating the largest threat detection network in the world
Completed IPO in 2018 (LON: AVST)
Avast Software began as a software cooperative in former Czechoslovakia. By 2010 – 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. In 2010, Avast chose to partner with Summit.
How Summit helped:
- Initially invested $100 million for a minority stake, as the company’s first institutional investor
- Assisted in the recruitment of a CFO, head of e-commerce, head of analytics and head of marketing
- Helped improve the company’s operational and financial reporting systems to position Avast for rapid growth
- Advised on the company’s expansion into mobile and other lines of business
- Built a strong board of directors, including Ken Goldman (Yahoo!), John Schwarz (Business Objects and Symantec) and Ulf Claesson (HP)
- Helped lead a recapitalization of the business sponsored by CVC Partners in 2014
- Sourced, helped evaluate and complete several acquisitions, including providing support for Avast’s transformative acquisition of AVG in 2016
Avast has grown into a global leader in digital security products. With over 435 million users online, Avast offers products under the Avast and AVG brands that protect people from threats on the internet and the evolving IoT threat landscape. The company’s threat detection network is among the most advanced in the world, using machine learning and artificial intelligence technologies to detect and stop threats in real time.
