Privax has more than 250,000 paying subscribers worldwide using its VPN encryption service, while its popular free web-based browser proxy service regularly attracts a global audience of over eight million unique visitors per month. The acquisition of Privax further strengthens AVG’s expanding mobile security offerings by providing a proven, privacy subscription service that is available immediately and will also be integrated into future AVG products including AVG Zen.
“Privacy is the new currency of the digital era, particularly as the Internet population is expected to double over the next five years,” said Gary Kovacs, Chief Executive Officer, AVG Technologies. “As we connect through more and more devices, our privacy is becoming increasingly violated. At AVG, we fundamentally believe that it is a user’s choice of how and when to share their private information. With this acquisition, we will immediately be able to provide new and innovative privacy and security services to hundreds of millions of users world-wide.”
Privax leading solutions will continue to be made available directly from Privax and additionally with our proven track record we will distribute through AVG’s consumer and SMB channels.
“Our mission at HMA! has always been to be the go-to tool for anyone who wants to surf the web freely, privately and securely. I'm incredibly proud that our service has done just that, and has been used by tens of millions of people all over the world,” said Jack Cator, Founder and Chief Executive Officer, Privax. “We are thrilled to be teaming up with AVG Technologies to help us accelerate our ambition to be the biggest and best privacy company in the world.”
Under the terms of the agreement, AVG paid $40 million and will pay up to an additional $20 million in cash consideration one year after closing based on the achievement of certain performance metrics and milestones. AVG will present additional financial details at the upcoming Analyst day at the NYSE on May 12th.