Case study on Merger and Acquisition:

Bitdefender-Axxess-Vitruvian

2007: Individual partners of Axxess Capital advised the founders to spin-off Bitdefender from a software integrator and invested in the company.

June 2009: Axxess Capital invested 6million EUR in Bitdefender for a 16% stake.

December 2017: Vitruvian Partners acquired 30% minority stake for a deal valuing the company at 520million Euro.

Advent: - 2003: Investment 40m$ -

2006: exit 324m$

Axxess

- 2009: investment 6m Euro

- 2017: exit 83m Euro

Question: In whose shoes do you want to walk? Give reasons.