Symantec Bets On Enterprise Mobility Security, Buys Skycure

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In the game of business acquisitions, Symantec is putting up points in bulk.

The cyber security-focused software provider announced its second acquisition in as many weeks, bringing in Skycure to expand its mobile security offerings on both the enterprise and consumer sides.

Enterprise mobility’s growth is clearly the impetus for Symantec’s strategic move in adding Skycure’s AI-powered technologies to its portfolio. The move “puts Symantec on the path to protect more than 1 billion endpoints,” the company said in a press release on July 11.

“One of the most dangerous assumptions in today’s world is that iOS and other mobile devices that employees bring into the office are safe, but the apps and data on these devices are under increasing attack. We believe that tomorrow’s workforce will be completely mobile and will demand a cyber defense solution that travels with them,” said Greg Clark, Symantec’s CEO, in a statement. “Mobile is a core component of our strategy and the acquisition of Skycure is a major step forward in executing it. Together, we will offer the cloud generation an integrated mobile cyber defense architecture that will protect customers’ mobile devices and networks across iOS, Android and Windows.”

Skycure was named Global Company of the Year for Mobile Enterprise Security by Frost & Sullivan in January 2017 and claims organizations like Aetna and New York Life as clients. Financial terms of the acquisition have yet to be disclosed.

"This is a big milestone for Skycure customers, prospective customers, partners and employees and we all are very excited about it," said Skycure CEO and Co-Founder Adi Sharabani in a statement. "What this means for you is even faster innovation, more timely responses, and continued commitment from us to help secure your mobile devices against advanced cyberattacks. This acquisition will empower Skycure to reach further while keeping our existing world-class standards."

Symantec also acquired Israel-based Fireglass for a reported $250 million to help enhance its ransomware and malware defense. “Fireglass’ innovative approach to browser isolation substantially reduces the attack surface, strengthening an enterprise’s security posture and as a result, significantly reduces the burden on the company’s security operation center (SOC) and IT help desk,” according to a statement from Symantec.

Earlier this year Symantec joined five other major players – AT&T, IBM, Nokia, Palo Alto Networks, and Trustonic to form the IoT Cybersecurity Alliance.

Skycure was founded in 2012 and raised $27.5 million venture funding over the last half decade. Clark told eWeek that Skycure’s “best in class” iOS product was a “tactical benefit” for the cyber security company, in addition to the mobile threat defense company’s app security program.

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