(Alliance News) - Avast PLC on Tuesday said it has agreed to sell its Family Safety Mobile business to mobile software developer Smith Micro Software Inc for USD66 million.
The Prague-headquartered digital security and privacy products provider said the acquisition includes its portfolio of mobile parental controls services, including location features, content filtering and screen time management.
The agreement will also see Pittsburgh, Pennsylvania-based Smith Micro pay a potential additional earn-out upon performance criteria being satisfied. Both companies will enter a preferred partner arrangement, in which they plan to respond to future carrier tenders requiring family mobile safety and Internet of Things, or digital security services.
Avast said the deal is expected to close mid-April 2021. It will retain its carrier Internet of Things security and in-home protection services, including those provisioned through its Avast Smart Life platform and the Avast Omni product.
"This agreement gives Avast's Partner team the opportunity to focus on building out our priority cybersecurity and privacy offerings and to expand into new vertical markets as well as the telecommunications space by partnering with Smith Micro to deliver our products and services to their customers as well as ours. This strategic partnership represents definitive growth potential for both businesses, as we would be positioned to combine our complementary solution portfolios and coordinate our sales and marketing efforts to further penetrate wireless carrier accounts on a global scale," said Nick Viney, Avast Partner Senior Vice President.
Shares in Avast were up 0.8% at 423.40 pence in London on Tuesday.
By Zoe Wickens; zoewickens@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
