Kaspersky Lab Gets Equity Infusion from General Atlantic
Moscow-based security vendor Kaspersky Lab has received funding from private equity firm General Atlantic to fund the next stage of its growth strategy, according to the company.
Because Kaspersky Lab is privately owned, details of the transaction were not disclosed; however, published reports put the funding at $200 million. In return, GA receives a 20 percent stake in Kaspersky Lab, making it the second largest shareholder.
Such an amount is not to be scoffed at, and is a good indicator of Kaspersky Lab’s growth plans. According the release, Kaspersky Lab “has consistently grown substantially faster than the market it serves and today is growing at more than twice the overall market rate.” IDC put the company’s growth at an increase of 44.5 percent in 2009, giving it a 5.8 percent overall market share.
Having the additional funding will enable the company to accelerate its global growth plans, which is good news for both the company and its partners. “We believe a partnership with General Atlantic will contribute greatly to our channel strategy,” said Kasperky Lab COO Eugene Buyakin. “Attracting a world-class investor such as General Atlantic is a testament to our strong financial performance and potential for future growth … [and] that raises Kaspersky Lab’s credibility in the market, which is very positive for the channel. Partnership with General Atlantic is a good contribution to our channel strategy development, especially if we speak of the corporate market, as it will help us to partner with larger organizations we couldn’t reach before.
“At present Kaspersky Lab plans to remain focused on the endpoint security market with balanced investments and equally aggressive targets in consumer and corporate sectors,” he continued. “Having GA on board with their vast expertise in the IT sector and global network we believe will increase our market share in both segments.”
Indeed, security continues to dominate the discussion when it comes to new technologies such as smartphones and tablet devices, and no doubt Kaspersky Lab is moving deeper into that space. The company already has a mobile security offering for Symbian and Windows Mobile devices – it would be a natural progression for the company to expand that offering further. Having a larger stable of security offerings can only help VARs as their customers continue adopting mobile technologies into their corporate infrastructures.
Kaspersky Lab is hosting its annual partner conference next month in Riveria Maya, Mexico, where there’s sure to be lots of information about the company’s plans for global growth. Knowing Kaspersky Lab’s commitment to its channel, it’s a safe bet its moves will benefit its partners as much as the company itself.