avg aquires droid security for up to 9.4 million

zfactor · Nov 14, 2010

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

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.

About Droid Security

DroidSecurity has created the first full-featured Android anti-malware application, called DroidSecurity Internet Security Suite. The company was founded in 2009 and is based in Tel Aviv, Israel.

DroidSecurity Internet Security Suite ($4.99 USD) is a powerful, mature security application that provides a wide-range of protection against viruses/malware and SMS/text spam, plus enables users to track lost smartphones and remotely wipe data for enhanced security and control.

The core platform was publicly beta-tested by Android users under the DroidHunter brand, and was downloaded over 100,000 times during the six-month beta. DroidSecurity Internet Security Suite is the first Android antivirus application to leverage the Java Virtual Machine (JVM) technology.
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source techcrunch

SweX · Nov 14, 2010

Good that the current CEO of DroidSecurity will become "General manager" of AVG Mobile Security Team so he will get some insight and stear the development in the right direction.

qakbot · Nov 15, 2010

Interesting name for a company. I wonder how they got away with it. Oh wait! they are not in the US.

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