Avast paid US $326M for SecureKey Technologies

On March 24, 2022, Avast plc (LSE: AVST) announced an agreement to acquire SecureKey Technologies Inc. The acquisition closed on April 1, 2022. Financial terms were not disclosed at the closing.

Avast plc has finally disclosed that it paid US $325.9 million in cash for SecureKey Technologies, consisting of US $30.4 million in net assets acquired and US $295.5 million in goodwill.

Founded in 2008, Toronto based SecureKey Technologies is a global provider of digital identity and authentication solutions.

SecureKey had raised over CDN $100 million from backers including Blue Sky Capital, Intel Capital, BMO, CIBC, RBC, ScotiaBank, TD, Desjardins, Visa, Mastercard, Discover, TELUS, and Rogers Venture Partners.

Since acquisition, SecureKey has contributed US $4.3 million of revenue and a loss of US $3.8m to the net profit of Avast.

Avast plc, together with its subsidiaries, is a leading global cybersecurity provider.

photo credit: Avast, SecureKey