The Utah-based company, Ivanti has built its legacy with numerous acquisitions. Formerly known as LANDESK, the company went from a small tech startup to a billion-dollar company in 2017 after it acquired ten companies within five years and merged with HEAT software.
This year, Ivanti has announced it will be acquiring two Silicon Valley cybersecurity businesses. The company will acquire MobileIron, a provider of endpoint management solutions for $872 million, as well as mobile security solutions provider, Pulse Secure. However, the financial terms of this deal were not disclosed. These acquisitions come after Ivanti was given an undisclosed amount of funding in August by Boston private equity firm, TA Associates.
“By combining MobileIron and Pulse Secure with Ivanti, we are creating a leader in the large and growing unified endpoint management, security, and enterprise service management markets. We now have the most comprehensive set of software solutions that address the growing market demand for the future of work, where working from anywhere on any device type is the new normal,” said Ivanti Chief Executive Officer, Jim Schaper in a statement.
MobileIron focuses on helping businesses keep their data secure when employees use mobile devices. The company went public in 2014 at $9 a share and rose briefly above $11. Though, it has traded for as little as $2.94 and as much as $7.30 in the past year. Meanwhile, Pulse Secure focuses on securing access to data through the cloud and data centers. It also offers hybrid network security for remote devices with its Secure Access Suite.
The acquisitions are being funded by affiliates of investment firm Clearlake Capital Group and private equity firm TA Associates. Ivanti is a portfolio company of Clearlake, and last month TA Associates announced a strategic investment in Ivanti. Morgan Stanley Senior Funding, Bank of America Securities, UBS Investment Bank, and BMO Capital Markets are providing debt financing for the acquisitions.
Schaper will continue to lead Ivanti after the acquisitions, which are subject to customary conditions and shareholder approval. In his statement Schaper welcomes MobileIron’s and Pulse Secure’s employees, customers, and partner networks to the company.
