We advised the seller on the sale of PasswordBank to the technology company Symantec.
The American multinational Symantec closed the purchase of Password Bank, a company based in Barcelona and led by Roger Casals. The operation led to the exit of the capital of the Barcelona fund Inveready, which held 30% of the company’s share capital. The rest of the shares were held by the founders who, after the operation, became part of the Symantec team. The sellers were advised by Across Legal throughout the entire process.
Password is a company dedicated to the development of login and security solutions in the financial sector. According to Josep Maria Echarri, CEO of Inveready Seed Capital, “the keys to this operation have been two: the financing strategy followed by Password Bank Technologies, which has allowed a low dilution of both the founders and Inveready, and the rapid internationalization of the company that allowed it to have a solid customer base that has piqued the interest of the main multinationals in the sector”.
