F-Secure has made an official announcement that it is going to acquire the mobile security business of Lookout, and the deal might be completed by June of this year. Although the financial terms are yet to be disclosed on an official note, unconfirmed sources state that the deal is to be valued at $224 million, all in cash.
Lookout, which established itself in business in 2009, offers Mobile Endpoint Security solutions with millions of users and hundreds of millions in funding. It offers security products for the consumer market, including antivirus software for smartphones, and has upped its ante towards enterprise business, making it a great pick for F-Secure – a company that offers all products from password management to anti-malware solutions.
F-Secure is planning to integrate the newly acquired tech into its endpoint and cloud security solutions, thereby becoming a pure-play enterprise security solutions provider.
NOTE: According to a market study made by Emergen Research, the global mobile security market, worth approximately $3.93 billion in 2021, is expected to reach $13 billion by the end of 2030. Analysts predict that the growth will be based on factors such as the increasing usage of smartphones, the rise in adoption of third-party apps, and the growing productivity of employees through BYOD and WFH culture. Among both iOS and Android, the former stands as the most dependable operating system, as Apple doesn’t allow developers to exploit its source code and does not permit iPhone and iPad owners to customize the code as per their needs.