Israeli-Founded Mobile Security Startup Zimperium Acquired For $525 Million

Israeli mobile security startup Zimperium has been acquired by US-based private equity firm Liberty Strategic Capital for $525 million, according to TechCrunch. 

SoftBank, will retain a minority stake in the company per the terms of the deal, and former US treasury secretary Steven Mnuchin will lead Zimperium’s board of directors. Mnuchin is also the head of Liberty Strategic Capital.

Founded in 2010, Zimperium provides a thorough security system that discreetly runs in the background of both iOS and Android devices providing visibility, security for those operating systems. By targeting device security, mobile applications security, and mobile threat intelligence, the company prevents the breach of data and privacy of mobile phone users at all times, whether they are on or off a corporate network. 

Mnuchin, sees Zimperium’s services as one of the more crucial aspects of modern-day cybersecurity, noting the potential vulnerabilities and risks that arise from company employees using their own private mobile devices. In one instance last year, Zimperium detected spyware called PhoneSpy buried in 23 different Android apps capable of activating a user’s phone camera to take pictures or record video in real-time, which left undiscovered could have led to personal blackmail or corporate-level extortion. 

“We all need to increase our focus on the protection of mobile devices and applications,” Mnuchin said in a statement announcing the deal. “Liberty Strategic Capital is investing in Zimperium because they’ve shown that they can lead the way in this multi-billion-dollar market.”

“We’ve helped leading public and private organizations across the globe strengthen mobile security, and as we enter a high growth phase to help even more organizations, Secretary Mnuchin and the team at Liberty Strategic Capital will be a tremendous asset to guide and propel our company forward,” said Shridhar Mittal, CEO of Zimperium.