To take the lead in the antivirus market, NortonLifeLock formerly known as Symantec acquired free antivirus provider Avast for over $8 billion.
This merger will create a new major IT security brand, which is dedicated to protecting half a billion consumers of the two companies.
NortonLifeLock’s actions before docking with Avast have also annexed Avira in early 2021, which is also a leading free antivirus provider. “With this combination, we were able to strengthen our Cyber Safety platform and make it even more available to our more than 500 million users,” said NortonLifeLock CEO Vincent Pilette.
“In addition, we will also have the ability to further accelerate innovation to transform Cybersecurity in the world,” he continued.
NortonLifeLock’s move was also welcomed by Avast, presenting a combined company that is projected to generate $3.5 billion in annual revenue.
“Through our well-established brand, greater geographic diversification, and access to a larger global user base, the combined business we will launch will be poised to access the significant growth opportunities that exist around the world,” said Avast CEO Ondrej Vlcek.
The target of this action is to take the role of a market that is inhabited by no less than 5 billion internet users. Another focus is developing products towards small businesses that are spread all over the world.
Strength-wise, the two cybersecurity companies have their respective market niches, with NortonLifeLock having paid security and anti-identity theft products, while Avast offers both free and paid antivirus software.
According to investor presentations, this action is like combining Avast’s strengths in privacy and NortonLifeLock’s strengths in identity, creating a broad and complementary product portfolio.
And so far the name of the acquisition of NortonLifeLock with Avast is not known, it is likely that the new company will operate through two headquarters, namely at the NortonLifeLock office in Arizona, United States and Avast in the Czech Republic.
The deal is expected to close in mid-2022, subject to regulatory approvals made. Assuming this action is successful, the CEO of Avast will become the new president of NortonLifeLock.