Private equity firm Vitruvian Capital has acquired a 30 per cent stake in Romanian cyber security technology company Bitdefender from existing shareholder Axxess Capital. The deal was signed on December 1, and the transaction values Bitdefender at 600 million US dollars.
“This transaction demonstrates the rapid growth and scale of our business,” said Florin Talpes, Bitdefender’s founder and CEO. “Vitruvian’s extensive experience investing in high growth technology companies endorses our strategy for international growth and in particular the significant investment we are making in building our Enterprise Solutions offering and our presence in the United States.”
Stephen Byrne of Vitruvian Partners, commented: “Bitdefender’s achievements are directly in line with what we seek for new investments: support of exceptional management teams in businesses that illustrate a significant opportunity to create strategic value. We look forward to partnering with Florin and the team for the next stage of Bitdefender’s innovation and expansion.”
Horia Manda, the Managing Partner of Axxess Capital, added: “We are honoured to have joined the Talpes family in turning Bitdefender into a first-rate cyber security solutions provider with products used by people and enterprises alike from all over the world. Now that we are making our exit after an 8-year journey, we are confident that with the help of Vitruvian Partners, Bitdefender shall continue to expand globally as a provider of cutting-edge cyber security solutions.” One of Axxess Capital’s funds is the 110 million euro Balkan Accession Fund that targeted opportunities in Romania and Bulgaria, and which is now in its divestment stage.
Vitruvian’s purchase comes on the back of significant expansion of Bitdefender’s global operations. Bitdefender has scaled up its international operations significantly over the past few years, driven primarily by corporate customers addressed by the company’s enterprise solutions. As a result, more than 40 per cent of sales are currently generated in the United States, which continues to be the company’s fastest growing region.
Globally, Bitdefender employs 1,300 staff across nine offices, supporting customers in over 150 countries and a network of more than 7,000 reseller partners.