4th Feb 2019 08:17
LONDON (Alliance News) - Avast PLC said Monday it has sold its Managed Workplace cybersecurity monitoring software business to Barracuda Networks Inc for an undisclosed sum.
Cybersecurity firm Avast explained the remote monitoring and management software was a non-core asset. Under the sale agreement, Barracuda has signed a reseller agreement in which it will continue to offer Avast security services to its managed service providers.
In 2018, Managed Workplace generated "low-teen" millions of dollars in revenue and had a "materially lower" margin profile than the rest of the Avast group.
Avast did not specify the disposal price for the asset. Funds from the sale will be used for general corporate purposes.
Shares in FTSE 250-listed Avast were 1.1% higher at 293.45 pence on Monday.
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