Investcorp scores with $360m exit from tech investment

Dubai: Bahrain’s Investcorp will pick up around $360 million by selling tech company Avira to NortonLifeRock, which is into cyber safety. The deal is expected to close in the first quarter of 2021, pending all regulatory approvals.

Headquartered in Germany, Avira’s cybersecurity software solutions serves the consumer and OEM (original equipment manufacturer) markets. Founded in 1986 by Tjark Auerbach, Avira provides anti-malware, threat intelligence and IoT solutions to protect users’ online identity, finances, and private data.

Investcorp was Avira’s first institutional investor when it acquired the company. The sale of Avira is the first exit from the $400 million Investcorp Technology Partners Fund IV.

A sweet exit

Tarek AlMahjoub, Head of UAE and Oman for Investcorp’s Private Wealth, said: “With their deep expertise and strong management team, we are confident that Avira will continue its growth momentum. We are pleased with the result of this exit and our team’s ability to generate strong returns amidst a challenging environment.”

Investcorp’s tech investment strategy is built on investing in mid-market companies with a trackrecord in data/analytics, IT security and fintech sectors. Investcorp’s other investments from its latest technology fund include Ubisense’s SmartSpace and Calligo, a proprietary cloud solution.