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Private equity in action - Case Study

PE in CEE - Bitdefender

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Global cybersecurity innovator

Pioneering cybersecurity in cloud computing, social networks and Internet of Things (IoT) devices to become a global player and CEE unicorn

COUNTRY

Romania

RETURN 13.9x
GP Axxess Capital GROWTH 500M systems in 150 countries
GP EUR 6 million (with LP co-invest.)    
SECTOR Cybersecurity INVESTMENT TYPE Buyout
INVESTMENT June 2009 FUND OWNERSHIP 16% (incl. LP co-invest.)
EXIT December 2017 EXIT ROUTE Sale to a PE house

Investment rationale
Bitdefender was created by a team with 10+ years of experience in breakthrough cybersecurity innovation. The company's proprietary solutions focused on the key growing security markets and had the potential to expand into the sought-after enterprise segment. Its Romanian operations provided access to cost-effective technical talent, while the business prospects were global. 

Deal history and structure
In 2007, Axxess Capital’s individual partners acquired a minority stake and helped the founders establish the business as a spin-off from a software integrator. Two years later the founders decided to sell part of their holding. Building on the existing relationship, Axxess secured an exclusive EUR 6 million equity transaction for the fund to purchase a minority stake. The investment was completed in a fully transparent process.

 

Bitdefender

Axxess Capital

In this section
Private Equity in CEE: Creating Value and Continued Growth Image

Private Equity in CEE: Creating Value and Continued Growth

11 Feb 2021
Invest Europe

The report offers an in-depth study of private equity’s role in innovation and economic development across Central and Eastern Europe through detailed case studies of companies backed by private equity investors during 2015-2019.

Download PDF 8.26 MB
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