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.
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.
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.
Want to get updated on the
latest news about the stock market? Subscribe now at Trade12. We will let you know the
latest happenings about forex, commodities and economies.
Symantec Acquires Mobile Security Startup Skycure
Reviewed by Trade12 Reviews
on
2:22 AM
Rating:
No comments: