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Security vendor to take control of country management from Formjet

Panda buys UK division for ?1.4m

The Spanish parent company of Panda Security has purchased the rights to the UK business for £1.4m from licensee Formjet.

The deal will see Panda Security S.L take over the running of the UK business – which includes consumer and business security products – with Formjet retained for a short period to handle the transition.

A spokesperson for Formjet said it understands current distribution channels will be unaffected by the purchase.

"It became obvious that the intention of Panda Security S.L. was to take direct ownership of the business of Panda in the UK once the existing contract had expired in 2010," explained Formjet chairman and Panda UK country manager, Lyndon Chapman.

"It is therefore an appropriate time to realise value from the business by disposing of it now".

Panda has in recent months been reacquiring country licences, including France, Benelux and Sweden.

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