AVAST Software, developers of the world’s most popular antivirus program, today announced that growth equity investor Summit Partners has invested $100 million for a minority stake in the company.
With the investment, Summit Partners has acquired a minority stake in the company, which markets its popular antivirus software based on a freemium model.
“Summit Partners’ investment is a vote of confidence in our disruptive ‘freemium’ business model, which combines a full-fledged free product with a premium one,” said Vince Steckler, chief executive Avast Software. “Instead of paying for advertising or installation on new computers, Avast continues to experience dramatic growth as fans of Avast recommend our products to their friends.”
avast! antivirus now protects one out of every five computers around the world from malware. Its award-winning protection is based on the CommunityIQ system of user-submitted data on suspected viruses and infected websites. Independent testing confirms that avast! Free Antivirus protection meets or exceeds the performance of most paid products.
According to the company, its software suite – avast! antivirus – currently protects one out of every five computers around the world from malware. One of the co-founders of AVAST Software, Pavel Baudis, is cited as saying that the company’s Virus Lab adds around 3,000 new virus samples to its database on a daily basis, compared to a single virus emergence every six months when he wrote a program to remove the Vienna virus back in 1988.
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