Liberty Strategic Capital, a private equity firm founded by Steven T. Mnuchin, is acquiring a majority stake in Zimperium for $525 million.
With Zimperium, the firm takes a dive into mobile security, which is something Mnuchin sees at the front line of cyber security today. Even when they don't control the device directly, companies need to have a way to secure it, even if they don't.
We need to increase our focus on the protection of mobile devices. Liberty Strategic Capital is investing in Zimperium because they have shown that they can lead the way in this market.
There are three parts of the mobile market that the company covers. The company discovered a program called PhoneSpy in 23 apps. At the time of the news, Carly Page explained.
Researchers at mobile security firm Zimperium, which discovered PhoneSpy inside 23 apps, say the spyware can also access a victims’ camera to take pictures and record video in real time, and warned that this could be used for personal and corporate blackmail and espionage. It does this without a victim knowing, and Zimperium notes that unless someone is watching their web traffic, it would be difficult to detect.
The company reported that annual recurring revenue grew by over 50%. The company's CEO is hoping that the investment will drive growth.
We have helped leading public and private organizations across the globe strengthen mobile security, and as we enter a high growth phase, Secretary Mnuchin and the team at Liberty Strategic Capital will be a tremendous asset to guide and propel our company.
Softbank will own a minority stake in the company, and the board of directors will be led by Mnunchin. The transaction is expected to close in the next few months.
The company has been around since 2011. Its last investment was $12 million. A year earlier, Softbank invested in the company.
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