Czech-based Avast eyes London float

Czech-based anti-virus company Avast has announced plans to launch shares on the London stock exchange this year with the aim of raising around 200 million US dollars.

Photo: archive of Avast

The Prague-based software security and protection company, which could be valued at around four billion dollars, says it wants to ease its debt burden and create room for further growth. The share offer is likely to be targeted at institutional investors.

Avast took a major step towards boosting its worldwide position by acquiring a majority stake in the Dutch rival company AVG in 2016.

Announcing its plan to float the on the London Stock Exchange, chief executive of Avast Vincent Steckler told Reuters:

“Over the past thirty years, Avast has grown from a visionary start-up to the number one consumer cybersecurity company, with 435 million users worldwide.

“This transformation of our company has happened because of the dramatic increase in the number and types of threat around the world which are a growing concern to people, and Avast’s ability to stay ahead of the bad guys with new and evolving technologies and products.”

The company currently has around 1,700 employees around the world and additional 600 work in its Research and Development facilities.

Avast, which is estimated to have around 400 million users around the world, posted a turnover of 780 million dollars in 2017.

Cyber security companies have been benefiting from a rising risk to consumers in recent years, such as the ransomware attack in 2017 which affected more than 100 countries in the world.