Smith Micro Completes Acquisition of Family Safety Mobile Business from Avast

Smith Micro Software, Inc. announced that it has completed its previously announced acquisition of Avast plc’s Family Safety Mobile business. With this acquisition, Smith Micro obtains Avast’s portfolio of mobile family safety services including location features, content filtering and screen time management, cementing Smith Micro as a market leader in delivering mobile family safety software solutions to wireless carriers.

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“As the largest acquisition in company history, gaining the Avast Family Safety Mobile business clearly positions Smith Micro as a leading global provider of family safety software solutions to wireless carriers,” said William W. Smith, Jr., President and CEO of Smith Micro Software. “I’m excited to officially welcome the Avast employees to the Smith Micro family and look forward to the continued growth and profitability of our family safety business.”

This acquisition further expands Smith Micro’s white-label digital safety solutions, positioning the Company as a leading family safety software-as-a-service (SaaS) provider globally while adding critical headcount in the U.S. and Europe.

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Pursuant to the terms of the transaction, Smith Micro paid an aggregate purchase price of approximately $66 million, excluding customary purchase price adjustments, to Avast on completion in a combination of cash and Company issued stock. The agreement is also subject to a potential additional earn-out based on certain performance criteria being satisfied.

A Current Report on Form 8-K containing further details regarding the closing of the transaction and the terms thereof will be filed by the Company and will be available on the SEC’s EDGAR database as well as on the Company’s website under the Investor Relations section. B. Riley Securities, Inc. acted as financial advisor to Smith Micro in connection with the acquisition, and Roth Capital Partners provided a fairness opinion to the Smith Micro board of directors with respect to the acquisition. Buchanan Ingersoll & Rooney PC served as counsel to the Company.

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