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Credits: FT NEWS

Private equity group Vitruvian Partners has agreed to buy a stake of roughly 30 per cent in Bitdefender, in a deal that values the Bucharest-headquartered cyber security company at more than $600m as investors continue to back the sector after a wave of hacks and data breaches.

Bitdefender is Romania’s largest software company and says that its antivirus software is used by 500m internet users worldwide, making it one of the largest anti-virus software companies alongside Norton, McAfee and Kapersky Lab. Today, an estimated 38 per cent of global cyber security products use Bitdefender software in some form.

Florin Talpes, chief executive, said in a statement that the “transaction demonstrates the rapid growth and scale of our business”, adding that Vitruvian’s experience would help the company expand its presence in the US. The investment comes as the cyber security sector continues to win the backing of investors following a series of high-profile incidents, including the WannaCry and Petya attacks which hit some of the world’s biggest businesses.

Cybereason, a Boston-based start-up, CrowdStrike, a cloud security platform, Cylance, a next generation anti-virus software maker and Illumio, each raised $100m or more in recent months.

Mr Talpes founded Softwin, his first anti-virus company, in 1989 while working as a computer science researcher in Bucharest, months before Romania’s anti-Communist revolution. He told the FT in 2016 he would seek a minority investor for the company this year as a preliminary step towards an initial public offering. He and his wife Marluca will remain majority shareholders in the company.

Stephen Byrne, partner at Vitruvian Partners, said: “Bitdefender’s achievements are directly in line with what we seek for new investments: support of exceptional management teams in businesses that illustrate a significant opportunity to create strategic value.”

Deutsche Bank in London were sole advisers on the transaction.

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