NortonLifeLock to Acquire Avira
December 07 2020 - 8:30AM
Business Wire
Accelerates International Growth and Expands
Consumer Reach through Freemium Model
NortonLifeLock (NASDAQ: NLOK), a global leader in consumer Cyber
Safety, today announced it has agreed to acquire Avira in an
all-cash transaction for approximately $360 million from Investcorp
Technology Partners. Avira provides a consumer-focused portfolio of
cybersecurity and privacy solutions to a strong base in Europe and
key emerging markets.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20201207005513/en/
NortonLifeLock today announced an
agreement to acquire Avira, a company that provides a
consumer-focused portfolio of cybersecurity and privacy solutions
with a strong base in Europe and key emerging markets. (Graphic:
Business Wire)
“I am delighted to welcome Avira to the Norton family,” said
Vincent Pilette, CEO, NortonLifeLock. “We strive to bring Cyber
Safety to everyone, and acquiring Avira adds a growing business to
our portfolio, accelerates our international growth and expands our
go-to-market model with a leading freemium solution. Culturally, we
are a great match. We share a relentless focus on delivering
innovative products to customers and we always think
customer-first. We cannot wait to get started with Avira.”
“NortonLifeLock and Avira are fiercely dedicated to helping
protect consumers’ digital lives,” said Travis Witteveen, CEO,
Avira. “We are thrilled to become part of NortonLifeLock – a
company that is synonymous with trust and leadership in Cyber
Safety. By leveraging the scale of NortonLifeLock, we can reach and
protect more consumers around the globe.”
“We were pioneers in delivering comprehensive Cyber Safety to
consumers via our Norton 360 platform, and now with the addition of
Avira’s product capabilities and solutions, we can better serve a
broader set of consumers with our combined portfolio and a freemium
business model,” said Gagan Singh, chief product officer,
NortonLifeLock.
Expected Strategic and Financial Benefits
- Advances NortonLifeLock’s aspiration to bring Cyber Safety to
everyone.
- Accelerates international growth in Europe and key emerging
markets.
- Brings freemium business model and 30M+ active devices to the
Norton family.
- Adds approximately 3 points of growth to our revenue with more
than 1.5M paying customers
- Financially accretive in the first year, to achieve
approximately 50% operating margin post-synergies.
Upon deal close, Avira CEO Travis Witteveen and CTO Matthias
Ollig will join the NortonLifeLock leadership team. Subject to
regulatory and customary closing conditions, the acquisition is
expected to close in the Fiscal 2021 fourth quarter and is not
expected to be material to Fiscal 2021 Q4 results.
About NortonLifeLock Inc.
NortonLifeLock Inc. (NASDAQ: NLOK) is a global leader in
consumer Cyber Safety. NortonLifeLock is dedicated to helping
secure the devices, identities, online privacy, and home and family
needs of approximately 50 million consumers, providing them with a
trusted ally in a complex digital world. For more information,
please visit www.nortonlifelock.com.
About Avira
Avira protects people in the connected world — enabling everyone
to manage and secure their digital lives. Avira provides a
consumer-focused portfolio of security and privacy solutions for
Windows and Mac computers, Android and iOS smartphones, home
networks, and smart devices (IoT). All Avira features are available
as licensed SDKs and APIs. Working together, Avira and its partners
protect more than 500 million devices globally. Avira solutions
consistently achieve best-in-class results from independent
security tests.
For more information about Avira visit www.Avira.com.
Forward-Looking Statements
This press release contains statements which may be considered
forward-looking within the meaning of the U.S. federal securities
laws. In some cases, you can identify these forward-looking
statements by the use of terms such as “expect,” “will,”
“continue,” or similar expressions, and variations or negatives of
these words, but the absence of these words does not mean that a
statement is not forward-looking. All statements other than
statements of historical fact are statements that could be deemed
forward-looking statements, including, but not limited to:
statements regarding the acquisition of Avira and the time frame in
which this will occur; the expected benefits to NortonLifeLock, its
customers, stockholders and investors from completing the
acquisition, including without limitation expected revenue,
subscriber, paying customers and active devices growth, operating
margin improvements, improvements to total addressable market and
value proposition, future product innovation, earnings accretion
and cost savings; statements regarding cost reduction, integration
and synergy efforts, and the potential benefits to be derived
therefrom; any other statements of expectation or belief; and any
statements of assumptions underlying any of the foregoing. These
statements are subject to known and unknown risks, uncertainties
and other factors that may cause our actual results, levels of
activity, performance or achievements to differ materially from
results expressed or implied in this press release. Such risk
factors include, but are not limited to, those related to: the
current and future impact of the COVID-19 pandemic on
NortonLifeLock’s business and industry; obtaining required
regulatory clearances and the satisfaction of other closing
conditions, the potential impact on the businesses of
NortonLifeLock and Avira due to uncertainties regarding the
acquisition; the retention of employees of Avira and the ability of
NortonLifeLock to successfully integrate Avira and to achieve
expected benefits; general economic conditions; the ability of
NortonLifeLock to successfully execute strategic plans; maintaining
customer and partner relationships; anticipated growth of certain
market segments; fluctuations in tax rates and currency exchange
rates; the timing and market acceptance of new product releases and
upgrades; the successful development of new products and
integration of acquired businesses, and the degree to which these
products and businesses gain market acceptance; the effect of the
sale of substantially all of the Enterprise Security assets on
NortonLifeLock’s retained businesses and products; general business
and economic conditions; and matters arising out of our completed
Audit Committee investigation and the ongoing U.S. Securities and
Exchange Commission investigation. Actual results may differ
materially from those contained in the forward-looking statements
in this press release. Additional information concerning these and
other risk factors is contained in the Risk Factors sections of
NortonLifeLock’s most recent reports on Form 10-K and Form 10-Q.
NortonLifeLock assumes no obligation, and does not intend, to
update these forward-looking statements as a result of future
events or developments.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201207005513/en/
Investor Contact Mary Lai NortonLifeLock Inc.
IR@NortonLifeLock.com
Media Contact Spring Harris NortonLifeLock Inc.
Press@NortonLifeLock.com
NortonLifeLock (NASDAQ:NLOK)
Historical Stock Chart
From Aug 2024 to Sep 2024
NortonLifeLock (NASDAQ:NLOK)
Historical Stock Chart
From Sep 2023 to Sep 2024