Panda Security reveals global ambitions

Panda Security, which earlier this week acquired Panda from Formjet for £1.4m, has outlined its global ambitions after adding the UK to six other franchise operations.

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Panda Security, which earlier this week acquired Panda from Formjet for £1.4m, has outlined its global ambitions after adding the UK to six other franchise operations.

The company has already picked up the Finnish and Swedish franchises this year along with the UK, adding them to an international expansion that started two years ago with Belgium, Holland, Germany, Austria, Japan and China.

Formjet only had the rights to Panda until next year so opted to sell them and get a decent return but for the new owners the latest acquisition is part of an ongoing investment strategy.

Panda is backed by investors led by Investindustrial that are prepared to underpin the strategy of exploiting the downturn to acquire and expand into further territories.

"Thanks to our new shareholders, Investindustrial, we are in a comfortable position to meet present challenges, brought about not just by the economic crisis but also by the increased competition in the security market," said Juan Santana, CEO of Panda Security.

"We are now at a point where we can make the investments we need, which makes us highly competitive both on the corporate and consumer markets and from a technological and product-centered point of view," he added.

Panda has also unveiled an Ultra-light 2010 range that is for both consumers and enterprise customers that are designed to offer protection but without taking up vast amounts of memory.

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