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Vitruvian Acquires Minority Stake in Bitdefender from Axxess Capital.

M2 EQUITYBITES-December 6, 2017-Vitruvian Acquires Minority Stake in Bitdefender from Axxess Capital


6 December 2017 - UK-based private equity firm Vitruvian Partners has acquired a 30% stake in Netherlands-based cybersecurity technology company Bitdefender Holding B.V. from Romania-based Axxess Capital, an existing shareholder, the company said.

Terms of the transaction were not disclosed.

Axxess Capital values the Bitdefender business at over USD 600m.

The investment comes on the back of expansion of Bitdefender's global operations and product offering. Bitdefender has scaled up its international operations significantly over the past few years, driven by corporate customers addressed by the company's Enterprise Solutions headquarters in California, US.

Bitdefender is a global security technology company that provides cutting edge end-to-end cyber security solutions and advanced threat protection to more than 500m users in more than 150 countries.

The company offers a portfolio of security solutions for both consumers and corporate users.

Bitdefender's team counts more than 1,300 professionals worldwide, half of which are involved in R and D. More than 40% of sales are currently generated in the US.

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.

Vitruvian Partners specialises in investments in companies undergoing growth and change typically driven by technology.

Axxess Capital is an investment adviser in Southeast Europe, and has invested over EUR 250m through three private equity funds.

Targeted sectors have ranged from financial services to manufacturing, IT and C and FMCG. One of Axxess Capital's funds is the EUR 110m Balkan Accession Fund that targeted opportunities in Romania and Bulgaria and that is now in its divestment stage.

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.

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Publication:M2 EquityBites (EQB)
Date:Dec 6, 2017
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