PE in CEE - Bitdefender
Country: Romania
Global cybersecurity innovator
COUNTRY | Romania | RETURN | 13.9x |
GP | Axxess Capital | GROWTH | 500M systems in 150 countries |
GP | EUR 6 million (with LP co-invest.) |
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SECTOR | Cybersecurity | INVESTMENT TYPE | Buyout |
INVESTMENT | June 2009 | FUND OWNERSHIP | 16% (incl. LP co-invest.) |
EXIT | December 2017 | EXIT ROUTE | Sale to a PE house |
Investment rationale
Bitdefender was created by a team with 10+ years of experience in breakthrough cybersecurity innovation. The company's proprietary solutions focused on the key growing security markets and had the potential to expand into the sought-after enterprise segment. Its Romanian operations provided access to cost-effective technical talent, while the business prospects were global.
Deal history and structure
In 2007, Axxess Capital’s individual partners acquired a minority stake and helped the founders establish the business as a spin-off from a software integrator. Two years later the founders decided to sell part of their holding. Building on the existing relationship, Axxess secured an exclusive EUR 6 million equity transaction for the fund to purchase a minority stake. The investment was completed in a fully transparent process.
