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Former AVG investors build cyber security fund to chase growth

Written by Reuters
cybersecurity
  • Reuters
  • 2 years ago

cybersecurity

A group of former executives and investors from antivirus software maker AVG Technologies (AVG.N) is raising a $125 million fund to tap into opportunities in the booming cyber security sector, a founding partner in the fund said.

With the size and scope of cyber attacks on companies growing in recent years, the security industry has seen a steady rise in financing deals and a market that research firm Gartner estimates will grow by 8 percent in 2015 to $77 billion.

Technology investor Richard Seewald, one of the original investors in AVG, said the market for cyber security spending would continue to grow at that pace over the next five years.

He said his company Evolution Equity Partners will seek to triple its investment over that time by tapping U.S. and European companies ready to expand globally.

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