Avast gets $100 million for free antivirus software push
Free antivirus software pioneer Avast, has received a $100 million (£64 million) investment from private equity firm Summit Partners to woo business users and open new offices around the globe.
Summit Partners managing director Scott Collins will get a seat on the Czech company’s board in return for its cash and will help the infused company to drive a strategy based around the ‘freemium’ software model. Also used by European rivals such as AVG Software and Panda Security, freemium offers users a basic antivirus product at no cost in the hope that in time they will be willing to pay for a more featured product.
According to Avast, offering free antivirus since 2004 has allowed the company to claim a 100 million user base, an unknown number of whom pay for the upgraded paid-for product. The company and its new investor see potential to apply the same approach to business users.
