Zimperium, a Dallas-based mobile security platform, announced Tuesday it will be acquired by Liberty Strategic Capital for $525 million. The deal means the private equity firm led by former U.S. Secretary of the Treasury Steven T. Mnuchin will own a controlling interest in Zimperium. The company plans to use the capital from that acquisition to accelerate its growth.
As the number of mobile devices worldwide grows — expected to hit 18.22 billion by 2025 — so does cybersecurity risks associated with mobile devices. According to Zimperium's own 2022 Global Mobile Threat Report, one in four mobile endpoints have been compromised by malicious applications in the last year. In addition, the report suggests 75 percent of phishing sites were specifically targeted at mobile devices.
Zimperium offers real-time, on-device protection for mobile devices. The company’s patented, machine learning-enhanced platform z9 protects mobile devices from device, network, phishing and application attacks. This is particularly important for enterprises as more teams continue to work remotely.
“There’s no question that the world is going mobile. And as that happens, modern operating systems like Android and iOS are playing a more prominent role powering the devices people use in their personal and professional lives. But what many people don’t realize is that protecting these devices is much different from protecting traditional endpoints and requires a new approach,” Zimperium CEO Shridhar Mittal said in a statement.
This acquisition comes after a record year of growth for the company, including an acquisition of its own, whiteCryption. In 2021, the company saw a 53 percent growth in ARR, created new partnerships with organizations like SentinelOne, Motorola Mobility, Intertrust and Ping Identity, and launched two new apps, — Michigan Secure and LA Secure — to offer free mobile security to local residents and visitors of those areas.
Former Secretary Mnuchin’s interest in Zimperium likely comes from his own experience with cyber threats. The former Secretary of the Treasury was a member of the National Security Council and helped shaped the U.S.’ approach to cyber threats during the Trump administration. He also helped lead the modernization of tech and security for the IRS.
Zimperium is currently hiring for 26 positions, most of which are authorized for remote work both nationally and internationally. Departments with open positions include site reliability, sales, engineering, research, product management and IT, among others.