Avast to acquire AVG for $1.3 billion

Antivirus software firm Avast Software will acquire the rival company AVG Technologies for $1.3bn. The deal is still subject to regulatory and shareholder approval.

The combined company will have a network of more than 400 million endpoints, of which 160 million are mobile, providing information about malware to help detect and neutralize new threats as soon as they appear. The acquisition will help Avast to develop more technically advanced personal security and privacy products.

"We are in a rapidly changing industry, and this acquisition gives us the breadth and technological depth to be the security provider of choice for our current and future customers," said Vincent Steckler, CEO of Avast. "Combining the strengths of two great tech companies, both founded in the Czech Republic and with a common culture and mission, will put us in a great position to take advantage of the new opportunities ahead, such as security for the enormous growth in IoT."

Currently Avast holds a 15 percent market share in the antivirus space, making it the second-largest vendor. AVG holds 5 percent, placing it in sixth place.

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