AVG Technologies, a provider of computer security software, has received a substantial investment from growth private equity firm TA Associates.
TA Associates, which has funded companies such as BMC Software, Cadence Design and McAfee, has bought a minority stake in AVG Technologies from its current shareholders for more than USD200m.
The deal will add another minority investor to the current ownership of AVG Technologies, which also includes investments from Enterprise Investors, Benson Oak Capital and Intel Capital.
Two representatives from TA will join the company’s board of directors.
“This is a major stake in the ground for AVG at a pivotal time in the marketplace,” says JR Smith, chief executive of AVG Technologies. “In the coming months, AVG will be moving forward with landmark small business and consumer offerings – this investment positions our company nicely for continued growth.”
“TA Associates sees strong market potential in AVG, which has grown dramatically in the past few years and made some very strategic acquisitions such as its LinkScanner and behavioral technology,” says Jonathan Meeks, a managing director of TA Associates who will join AVG’s board of directors. “With more than 80 million users, award-winning offerings and several new technologies in the works, AVG is rapidly assuming a global leadership role in the security software industry. We believe our investment will be key to taking AVG from an important mid-size contributor to a true market force, both through organic growth and acquisitions.”
