Symantec Acquires Mobile Security Startup Skycure

Symantec Corp, a U.S cyber security giant, announced today that it had entered a deal to acquire Skycure, a US and Israel-based mobile security vendor, which makes a predictive threat detection platform for mobile devices. Skycure’s Mobile Threat Defense Platform provides organizations with multiple security capabilities, including Mobile Active Protection that helps secure devices with real-time protection and it also provides an on-demand app analysis capability called the Mobile App Reputation Service (MARS).
It specializes in predicting, detecting, and preventing a range of attacks, including malware, network and vulnerability exploits. More specifically, it focuses on mobile threat defense (MTD), which is particularly crucial to enterprises in an age where “bring your own device” policies are increasingly commonplace. Truly, the line between personal and professional IT equipment has blurred, meaning companies need to be extra vigilant for security threats.

“Following completion of the acquisition, Skycure’s predictive threat detection techniques will enrich Symantec’s enterprise and consumer mobility offerings to help organizations more confidently address the needs of the increasingly mobile workforce, enabling them to ensure that devices are risk-free and secure while accessing corporate resources,” according to the announcement.

Skycure had raised approximately $27.5 million in venture funding since the company was founded in 2012, with the most recent coming from a $16.5 million Round B last summer. However, its rival Lookout has $282 million in funding with over 150 customers, and another competitor, Zimperium, has $60 million in funding.

Currently, Skycure has about 75 employees split between Tel Aviv and their headquarters in Palo Alto. In April, Varun Kohli, Skycure’s VP of marketing said that they were getting close to 100 customers. Skycure’s customer traction, combined with earlier stages of their funding, clearly made them an attractive acquisition target for Symantec.

Symantec’s acquisition of Skycure is adding up to the mobile threat defense momentum. Financial terms of the deal were not disclosed.

“Mobile is a core component of our strategy and the acquisition of Skycure is a major step forward in executing it,” said Symantec CEO Greg Clark. “Together, we will offer the cloud generation an integrated mobile cyber defense architecture that will protect customer’s mobile devices and networks across iOS, Android and Windows.”

Symantec’s history around the enterprise mobility space has been spotty. They acquired Odyssey MDM and Nukona mobile app management in 2012, rolled them into an EMM suite by 2014, but then removed it as a priority in 2015 and announced its end of life in 2016. Symantec also has Norton Mobile, but that is focused on consumers and small businesses.

Symantec, an antivirus software provider, also recently launched new venture arm, dubbed SymantecVentures, that not only invests in cyber security startups but also encourages them to build on top of Symantec’s Cyber Defense platform.

In November, Symantec bought consumer identity-theft protection service LifeLock for $2.3 billion, promising to form the “world’s largest digital safety platform for consumers and families.” Earlier in the year, it acquired Blue Coat from Bain Capital in a $4.65 billion deal.

“We do acquisitions like this for strategic reasons, but Skycure also has great tactical benefits for us,” Clark said. “It brings us a best-in-class iOS product right away.” According to Clark, Symantec has a gap around iOS security, but that will be closed with Skycure addition.

Skycure’s technology will enhance both enterprise and consumer sides of Symantec’s mobile security offerings.

The deal marks Symantec’s second purchase of an Israeli cyber security startup in less than a week. Last Thursday, Symantec said it would buy Fireglass, a startup known for its browser isolation technology that is used to combat ransomware, malware and phishing threats. According to Symantec, the two acquisitions demonstrate the company’s focus on strengthening its Cyber Defense platform for enterprises.

“If you think about hooking up a very powerful modern operating system security technology like Skycure with an isolation browser like Fireglass, what can you do together is powerful,” Clark said.

Meanwhile, by 7:49 PM GMT-4, Symantec Corp traded 0.03%, or 0.01, to $29.01. It opened in $29.02, with a session high of $29.09 and a session low of $28.79. Its market capitalization was 18.01 billion and its dividend yield was 1.03.

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Symantec Acquires Mobile Security Startup Skycure Symantec Acquires Mobile Security Startup Skycure Reviewed by Trade12 Reviews on 2:22 AM Rating: 5

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