JMI Equity injects £49m into Avecto

Avecto had so far grown without external funding – the fresh capital has been earmarked to boost capacity, expand its client base and invest in R&D.

JMI is based in Baltimore and San Diego. It focuses on software and service companies and its current portfolio counts 31 businesses. The firm is understood to have raised $1bn for its latest fund in mid-2014.

The European cybersecurity sector has attracted considerable attention in recent months, with notable deals including Apax Partners- and Investcorp-owned Sophos listing in a £1bn IPO in London, as well as Summit Partners investing $22.5m in Cambridge-based Darktrace's series-B funding round.

Company
Founded in 2008, Avecto develops cybersecurity software. Its Defendpoint software is designed to protect computers and servers from malware and cyberattacks at the endpoint. It is headquartered in Manchester, with offices in Boston, Melbourne and Frankfurt.

The company reportedly posted an £18m turnover in the most recent financial year, with EBITDA of £3.7m. Avecto claims it has grown revenues by 50% on a compounded annual basis since 2012.

People
Jit Sinha worked on the deal for JMI.

Advisers
Company – Results International (Corporate finance).

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• Expansion
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