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23 Jun 2009
Formjet claims its resellers will reap the benefits from the sale of its anti-virus software brand, Panda UK.
Panda International is in the process of acquiring franchises in territories it considers important, last week snapping up Panda Sweden. It has now agreed a £1.4m deal with Formjet, which owned Panda Software UK.
Alternative investment market-listed Formjet said the move would benefit its resellers by allowing it to acquire complementary products and licences. Formjet also distributes the ASI and EdAlive brands.
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Formjet chairman Lyndon Chapman said: “It is [Panda International’s] stated strategy to acquire franchise businesses in important territories and we have anticipated the move in order to realise the best value for the business and protect the interests of our reseller partners.”
Formjet will continue to distribute Panda software in its own brand promotions and stressed that there would be no changes in trading strategy.
Panda UK has also appointed a new UK country manager in the shape of seasoned security industry executive Petter Lautin.
The deal, which includes a £200,000 earn-out payment, will not affect Panda UK’s staff and premises.
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