AVG Technologies

History

AVG Technologies was founded by Tomáš Hofer and Jan Gritzbach in 1991 under the name Grisoft in Brno, Czechoslovakia. Initially, Grisoft sold IT equipment and third-party software, in addition to its own antivirus product. Grisoft grew as the country loosened its international trade policies, so it could exchange technology with companies in Europe. By 1998, Grisoft had 13 employees.

Grisoft later expanded to the US market, creating an American company called AVG. Grisoft also expanded to the United Kingdom, the Netherlands, Germany, and other countries. For a time, the company was focused on bulk sales of antivirus software to computer manufacturers that sold PCs with Grisoft's software pre-installed. It started marketing software directly to consumers in 2006. In 2008, Grisoft changed the name of its parent company to AVG, the name already used for its software and for its American subsidiary. TA Associates invested an additional $200 million into the company that year for a minority stake in the business.

In 2001, Grisoft was sold to a venture capital firm Benson Oak Capital. The firm then sold a 65 percent interest in Grisoft to Intel Capital and Enterprise Investors for $52 million in 2005. The investments were used to fund a series of acquisitions. Grisoft bought spyware company Ewido Networks in 2006 and browser security company Exploit Prevention Labs in 2007. In 2009, AVG announced the acquisition of Sana Security, which analyzes software behavior. This was followed by the acquisition of mobile security startup DroidSecurity and iMedix Web Technologies in 2011, parental control software company Bsecure in 2012, and remote monitoring company Level Platforms in 2013.

AVG Technologies filed an initial public offering in February 2012. Additionally, former Mozilla CEO Gary Kovacs was appointed CEO of AVG. He led the effort to create a simple one-page privacy policy that discloses what data the company collects from users and what information about free users it sells to advertisers.

In 2014, AVG announced the acquisition of Location Labs, a cybersecurity company focused on mobile devices, for an estimated $220 million. AVG was acquired by Avast for $1.3 billion in July 2016. By this time, AVG had 600 employees, $155 million in annual revenue, and 95 million users. The combined entity became the world's largest antivirus company, with an estimated 20% of the market. There were Avast or AVG installations on 160 million mobile devices and 240 million desktop computers. The new combined entity incorporate their technology into combined software products and developed a new channel program to market them to small business owners. A few months later, an American private equity firm, TA Associates, bought a 25 percent interest in AVG for $200 million.