NortonLifeLock has announced that it will acquire German IT security firm Avira for around $360 million in an all cash deal from Investcorp Technology Partners. Avira provides customers with a suite of software security solutions, including anti-malware, threat intelligence and IoT solutions to protect users’ online identity and private data. The company has built a customer base of millions around its freemium model which allows users to install Avira antivirus software for free but with less functionality than paid versions.
Avira has also grown its customer base via white label deals with strategic partners like NTT, Deutsche Telekom and more. By acquiring Avira, NortonLifeLock hopes to expand into the freemium consumer market as well as strong markets in Europe and other emerging regions. Avira chief executive Travis Witteveen and chief technology officer Matthias Ollig will join NortonLifeLock’s leadership team after the deal’s closing which is expected in the fourth quarter of 2021.
