BUCHAREST, Romania/Santa Clara, Calif.– December 1, 2017 – Bitdefender Holding B.V. (“Bitdefender” or “the Company”), a leading global cybersecurity technology company protecting 500 million users worldwide, announces that Vitruvian Partners, the independent European private equity firm, has acquired a significant minority stake of approximately 30% in the Company from existing shareholder Axxess Capital, which values the business at over $600 million.
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 headquarters in Santa Clara, CA. As a result, more than 40% of sales are currently generated in the US, which continues to be the 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.
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.
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.
Florin Talpes, Bitdefender Founder and CEO, said:
“This transaction demonstrates the rapid growth and scale of our business as we are now valued at over $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.”
Stephen Byrne, Vitruvian Partners, commented:
“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.
“We look forward to partnering with Florin and the team for the next stage of Bitdefender’s innovation and expansion.”
Horia Manda, the Managing Partner of Axxess Capital, added:
“We are honoured to have joined the Talpes family in turning Bitdefender into a first-rate cyber security solutions provider with products used by people and enterprises alike from all over the world. 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.”