AVG Acquires Mobile Security Startup DroidSecurity For Up To $9.4 Million

Wednesday, 10 November 2010 14:31

AVG Acquires Mobile Security Startup DroidSecurity For Up To $9.4 Million

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Security software maker AVG Technologies has acquired Israel’s DroidSecurity from its founders and investors for a reported $4.1 million with an earn-out up to $5.3 million, subject to performance milestones.

DroidSecurity offers products that aim to protect owners smartphones, tablets and other

devices running on Google’s Android OS from viruses and malware. The company’s mobile security app for the Android platform, ANTIVIRUSFree, surpassed the 4.5 million download milestone last month and is a top-ranked app.

AVG says the acquisition enables its Mobile Solutions Team to extend the available security offerings for its more than 110 million users to include the expanding mobile security arena.

Gartner has just published a report that shows Android’s market share has now jumped to over 25 percent, which means it is currently the second most popular mobile OS worldwide.

Upon completion of the transaction, which is subject to customary closing conditions and regulatory approvals, DroidSecurity will become a wholly-owned subsidiary of AVG and will continue to be headquartered in Tel Aviv, Israel. Its CEO and co-founder, Eran Pfeffer, will become the general manager of AVG’s Mobile Solutions Team.

DroidSecurity was founded in 2009 by Pfeffer together with Dror Shalev and Omri Sigelman.

According to Globes, DroidSecurity was partly owned by managers and employees, and partly by investor Maayan Ventures as well as a group of private backers led by Quantumwave Capital partner Shachar Efal.

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