Sunday, March 20, 2011

AVG Technologies Gains $235 Million Credit Line

AVG Technologies, which supplies consumer security software, has secured a new $235 million credit agreement with a syndicate led by J.P Morgan and Morgan Stanley.

J.R. Smith, Chief Executive Officer, AVG commented, "AVG has created one of the world's largest installed customer bases for anti-virus software, and has delivered powerful security technologies and solutions that are proven and well-respected in the market. The potential and growth opportunities for our business are extraordinary, and we are delighted that the market has recognized that potential with this new credit facility led by two of the most respected global institutions, Morgan Stanley and J.P. Morgan. This agreement further strengthens AVG's market position, provides additional financial flexibility, and enhances our ability to execute our strategic plans. AVG firmly believes that basic internet protection should be free, and we continue to offer the most robust free offering in the market which forms the cornerstone of our financial success through the company's unique business model."