Security software giant Avast Software has acquired rival AVG Technologies.
Avast will pay $25 cash for each of AVG s outstanding ordinary shares in a deal amounting to around $1.3 billion.Founded out of Czechoslovakia in the early 1990s — initially called Grisoft — AVG has grown to become one of the biggest brands in desktop and mobile security apps.
It also offers a range of related services, including AVG Cleaner for Android and Mac.
The company is now headquartered in Amsterdam.Avast s origins can also be traced back to the old Czechoslovakia, as the company was founded out of Prague in 1988.
It has since emerged as one of the leading online security firms and is reported to control more than a fifth of the global antivirus software market.
Though it is better known for its security software, Avast has branched out into other verticals — earlier this year, the company launched a new initiative to reveal the best Wi-Fi hotspots, using crowdsourced data.Avast said that it s acquiring AVG to gain scale, technological depth, and geographical breadth and so it can take advantage of emerging growth opportunities in internet security, as well as organizational efficiencies.