AVG Acquires Mobile Security Startup DroidSecurity For Up To $9.4 Million
Security software maker AVG Technologies has acquired Israel’s DroidSecurity from its founders and investors for a reported $4.1 million with an earn-out up to $5.3 million, subject to performance milestones.
DroidSecurity offers products that aim to protect owners smartphones, tablets and other devices running on Google’s Android OS from viruses and malware. The company’s mobile security app for the Android platform, ANTIVIRUSFree, surpassed the 4.5 million download milestone last month and is a top-ranked app.
AVG says the acquisition enables its Mobile Solutions Team to extend the available security offerings for its more than 110 million users to include the expanding mobile security arena.
Upon completion of the transaction, which is subject to customary closing conditions and regulatory approvals, DroidSecurity will become a wholly-owned subsidiary of AVG and will continue to be headquartered in Tel Aviv, Israel. Its CEO and co-founder, Eran Pfeffer, will become the general manager of AVG’s Mobile Solutions Team.
According to Globes, DroidSecurity was partly owned by managers and employees, and partly by investor Maayan Ventures as well as a group of private backers led by Quantumwave Capital partner Shachar Efal.
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