Vitruvian Partners, the independent European private equity firm, has acquired a significant minority stake of approximately 30 percent in Romania-based security software Bitdefender from existing shareholder Axxess Capital, which values the business at over USD 600 million, as a press release informs.
“This transaction demonstrates the rapid growth and scale of our business as we are now valued at over USD 600 million. Vitruvian’s extensive experience investing in high growth technology companies endorses our strategy for international growth and in particular the significant investment we are making in building our Enterprise Solutions offering and our presence in the United States. We continue to operate with a sound financial footing – this enables us to further expand and broaden our product portfolio and so ensure we stay ahead of cyber criminals to protect better our customers,” Florin Talpes, Bitdefender Founder and CEO (photo), said
The investment comes on the back of significant expansion of Bitdefender’s global operations and product offering. Bitdefender has scaled up its international operations significantly over the past few years, in particular driven by corporate customers addressed by the company’s Enterprise Solutions HQ in Santa Clara, CA. As a result, more than 40 percent of sales are currently generated in the US, which continues to be the Romanian company’s fastest growing region.
Globally, Bitdefender employs 1,300 staff across nine offices, supporting customers in over 150 countries and a network of more than 7,000 reseller partners.
“Bitdefender’s achievements are directly in line with what we seek for new investments: support of exceptional management teams in businesses that illustrate a significant opportunity to create strategic value,” Stephen Byrne, Vitruvian Partners, commented.
Following the acquisition, Vitruvian becomes the second-largest shareholder with co-founders Mariuca and Florin Talpes continuing to hold the majority stake. A group of private investors hold a minority stake in the Company.
“Now that we are making our exit after an 8-year journey, we are confident that with the help of Vitruvian Partners, Bitdefender shall continue to expand globally as a provider of cutting-edge cybersecurity solutions,” Horia Manda, the Managing Partner of Axxess Capital, also added.
Deutsche Bank AG, London Branch, acted as sole financial advisor to Bitdefender and Axxess Capital on this transaction, which is subject to customary regulatory approvals.