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Private equity in action - Case Study

AVG Technologies

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Country Czech Republic
Region Stredni Morava
Investor Enterprise Investors
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When Enterprise Investors invested in AVG Technologies (then Grisoft) in 2005, the Czech company was well known for its anti-virus software and had around 25 million users but needed help to expand. EI supported the company’s development by strengthening the management team, expanding through a series of acquisitions and investing in new products. The result is that AVG has seen a 7.5x increase in the number of active users (to approximately 187 million in 2014) and generated sales of over US$400m in 2013. EI also helped the company list on the New York Stock Exchange, raising US$64m in new capital. AVG is now a leading provider of software and online services for consumers and small businesses with a range of solutions, from desktop, laptop and mobile security software to dynamic secure internet search. EI fully exited the business in August 2014. Avast Technologies acquired AVG for $1.3 bn in 2016.

7.5x

increase in number of users to 187m

11.5x

increase in company’s value to US$1bn

What did the business need?

  • A new management team to build a global market leader
  • New competences and products to gain market share and stay ahead of the competition
  • Global reach

How did private equity backing create lasting value?

  • Introduced a new management team with global experience
  • Supported transformation from a regional to a global player
  • Helped identify and acquire companies to build new services and expertise
  • Invested to expand product range beyond the original anti-virus software
  • Helped create strong corporate structure and solid financial track record
  • Provided necessary support to list AVG on the prestigious New York Stock Exchange

What outcomes did private equity investment achieve?

  • Created a global market leader worth US$1bn in a highly competitive market
  • Grew from an anti-virus software company to a leader in a range of security and online services
  • Increased sales from $21m in 2005 to $407m in 2013
  • Increased user numbers by 7.5x to 187m in 2014

More information

AVG Technologies

Enterprise Investors

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