
CZECH - TA spends $200m on Czech security
TA Associates has paid more than $200m to acquire a minority stake in Czech computer security software firm AVG Technologies from incumbent private equity backers including Enterprise Investors.
Founded in 1991 as Grisoft, the Brno-based business was initially backed by Benson Oak Capital in June 2004. Benson Oak ceded a 65% stake in the business in 2005 to Enterprise and Intel Capital when the two pumped a combined $52m into the business. Enterprise, which contributed $31m in that round, now retains a 34% stake in the business.
Today AVG boasts 80 million customers from 167 countries. It is believed the backers had planned a flotation to rival or even surpass the success of 3TS-backed LogMeIn, whose $100m Nasdaq flotation this past July marked the largest-ever of a technology company with CEE origins. Prior to its float, Budapest- and Woburn, Mass-based LogMeIn had raised $30m of venture backing, with 3TS coming on board in 2004 as its first institutional backer.
Two TA representatives will join AVG's board as a result of the deal.
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