Cyber attacks are causing ever greater damage worldwide – at the same time, the IT security business is booming. The US company NortonLifeLock wants to become the leading provider and takes over the Czech competitor Avast.In the booming IT security market, billions are being taken over. The US provider NortonLifeLock takes over the competitor Avast. The Czech IT security company is valued at 8.1 to 8.6 billion dollars (6.9 to 7.3 billion euros). Both companies declared that this should create a leading company in the IT security business. Together you can reach more than 500 million customers worldwide, said Norton boss Vincent Pilette.
Especially companies targeted by cybercriminals
Avast CEO Ondrej Vlcek welcomed the takeover: “At a time when the risk of global cyberattacks continues to increase and IT security remains low in many areas, we will work with NortonLifeLock to develop our shared vision of comprehensive IT security for consumers around the world faster. “In fact, companies, in particular, have recently seen themselves increasingly exposed to digital attacks. The digital association Bitkom recently put the annual damage caused by increasing cyber-attacks in the German economy at 223 billion euros.
Two corporate offices
A combination of cash and new shares will be offered to shareholders in Avast, a company listed on the London Stock Exchange. Norton boss Pilette is to take over the management of the enlarged group, Avast boss Vlcek will join the board of NortonLifeLock. The shares of the new group are to be traded on the New York technology exchange Nasdaq. Two headquarters are planned in Tempe in the US state of Arizona and in Prague.While the history of the antivirus pioneer Avast goes back to 1988, NortonLifeLock sprang from the industry heavyweight Symantec. The company also focuses on security software for home users.