Prague-based consumer and SMB software maker Avast is set to be acquired by cybersecurity rival NortonLifeLock in a deal valued at as much as $8.6 billion. NortonLifeLock will acquire 100% of Avast’s shares, and double down on global security measures, just as ransomware attacks are on the rise.
Upon completion of the merger, Avast CEO Ondrej Vlcek will become president of the new entity and join the board. However, due to overlaps in job functions, approximately 1,000 jobs are now at risk, presumably on the European side of the table.
The pandemic has seen a dramatic increase in cyberattacks across the board, and the demand for defenses is at an all-time high.
Vlcek comments, “The massive increase in attacks has been against everyone -- enterprises, small businesses, and consumers. Now is the time to join forces and accelerate the transformation of the entire cybersecurity space.”
“With this combination, we can strengthen our Cyber Safety platform and make it available to more than 500 million users,” commented NortonLifeLock CEO Vincent Pilette.