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Apr 12, 2018 @ 22:47

Czech antivirus Avast targets London’s biggest tech float

 

By Agence France-Presse

Czech antivirus software maker Avast announced Thursday that it will float on the London stock market next month in the British capital’s biggest ever technology IPO.

“Avast … today announces that it intends to proceed with an initial public offering” in London, it said in a statement, adding that it was expected to occur in early May.

Prague-based Avast, one of the world’s biggest online security software companies, will seek to float at least 25 percent of its share capital.

The IPO could value it at $4.0 billion (3.2 billion euros), according to the Financial Times.

“Over the past thirty years, Avast has grown from a visionary start-up to the number one consumer cybersecurity company,” said Avast chief executive Vincent Steckler.

“This transformation of our company has happened because of the dramatic increase in the number and types of threats around the world which are a growing concern to people, and Avast’s ability to stay ahead of the bad guys with new and evolving technologies and products.”

The group is well positioned to take advantage of an expanding consumer cybersecurity market, which Steckler said was forecast to grow 10 percent annually and reach $21 billion by 2021.

Avast is 46-percent owned by its founders, while investment company CVC has a 29-percent stake.

The group, which has more than 435 million users around the world, has a workforce of 1,700 people and generated sales of $653 million in 2017. Avast purchased Dutch rival AVG Technologies in 2016.

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