AVG Technologies NV (AVG) Gaining Popularity Among Buyers, Claims WSJ Report

With the latest attacks on banking institutions and online retailer, the shares of security solution companies are soaring up and AVG Technologies NV (NYSE:AVG) is the latest company to have gained investor’s attention.

According to a report from Wall Street Journal, the security software-maker is said to have received proposals from potential buyers amid the rising popularity of companies involved in security solutions. The report further states that if there has to be a deal then it will happen in the next few months. The latest attention of private equity firms is in security solution providers.

AVG Technologies NV (NYSE:AVG) released its third quarter 2014 results on Wednesday and as per the results, it has over 188 million active users along with 90 million mobile users. The security company reported net revenues of $92.3 million during the quarter with GAAP net income of $18.2 million.

AVG Technologies NV (AVG)

The CEO of AVG, Gary Kovacs, said,

“We executed well this quarter delivering strong financial results while continuing the rapid pivot towards our vision, to be The Online Security Company delivering integrated security software and services across multiple platforms. In the quarter, we increased the adoption of AVG Zen and grew overall users.”

The company acquired other solution providers during this quarter to increase its product portfolio. Mr. Kovacs added, “We recently completed the strategic acquisitions of Location Labs and Norman Safeground which expand and enhance our overall product offerings and geographic reach.  We believe we are well-positioned to deliver on our financial and strategic initiatives in 2015 and beyond, including strong subscription and mobile revenue growth.”

The company provided outlook for fiscal 2014 with expected revenue of $370 million and GAAP net income in the range of $53 million to $56 million. The company has a current market cap of $931.99 million with 83% institutional ownership.

This article has been written by Prakash Pandey.

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