After the pandemic fueled online activity, US cybersecurity firm NortonLifeLock announced on Wednesday that it will buy Czech rival Avast for over $8 billion to build a top consumer business.
Commenting on the development, Norton Chief Executive Vincent Pilette said in a joint statement that the deal equivalent to more than 6.7 billion euros, “is a huge step forward for consumer cyber safety and will ultimately enable us to achieve our vision to protect and empower people to live their digital lives safely”
Avast’s Chief Executive, Ondrej Vlcek, said the partnership will allow for “enhanced solutions and services, with improved capabilities” in the face of rising global cyber threats.
The new group’s safety offerings will benefit more than 500 million users, according to the announcement.
Pilette was set to become the expanded group’s CEO, while Vlcek was set to join NortonLifeLock as president and a member of the NortonLifeLock board.
The united firm will have dual headquarters in Prague and Tempe, Arizona, and will be listed on the Nasdaq.
Businesses all around the world are facing an increasingly lucrative kind of digital hostage-taking known as ransomware attacks, in which hackers encrypt victims’ files and then demand money in exchange for restoring access.
In July, a huge ransomware attack on US tech firm Kaseya impacted businesses in at least 17 nations, ranging from pharmacies to gas stations.
Vlcek added on Wednesday “At a time when global cyber threats are growing, yet cyber safety penetration remains very low, together with NortonLifeLock, we will be able to accelerate our shared vision of providing holistic cyber protection for consumers around the globe,”