Sequoia Capital invests Rs 60 cr in Quick Heal technologies

Venture capital firm Sequoia Capital, has invested Rs 60 crore in Quick Heal Technologies, provider of computer security software products. The firm will use this investment in growing its product portfolio, expanding its global distribution footprint and funding future acquisitions.

The company registered revenues of more than Rs 100 crore in FY 09-10, all from its indigenously developed product portfolio. With this investment Sumir Chadha, Managing Director, Sequoia Capital India will join the board of the company.

Quick Heal Technologies that competes with global security solutions providers like Symantec, McAfee and others has been growing at a compounded annual growth rate (CAGR) of almost 100 per cent for the last three years, making it the fastest growing software product company in the computer security space in India.

“When we were doing out due diligence we were surprised to find out the growth that the company has been able to achieve despite competition. I think what has worked for them is they have been able to get their product adaptable to Indian consumer,” said Sumir Chadha, Managing Director, Sequoia Capital India.

The Indian anti-virus market touched Rs 350 crore last year, of this Quick Heal’s share is around 30-35 per cent, said the company.

“We do plan to expand our operations internationally as well. At present we have presence in markets like Middle East, Australia and New Zeland and now we want to consolidate our position their. We will invest in strengthening our product portfolio to expand our product offerings to cater small, medium and large corporations,” said Sanjay Katkar, Chief Technology Officer, Quick Heal Technologies.

The investment transaction was facilitated by RippleWave Equity, the sole financial advisor to this transaction who helped bring Sequoia Capital and Quick Heal together.