MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Symantec Corp. (Nasdaq:SYMC), the world’s leading cyber security company, today announced that it has entered into an agreement to acquire U.S. and Israel-based Skycure, a leader in mobile threat defense. Following completion of the acquisition, Skycure’s predictive threat detection techniques will enrich Symantec’s enterprise and consumer mobility offerings to help organizations more confidently address the needs of the increasingly mobile workforce, enabling them to ensure that devices are risk-free and secure while accessing corporate resources.
Managed and unmanaged devices like tablets and smartphones are growing in prevalence and flooding the workplace, introducing new risk and vulnerabilities. Last year alone, Symantec’s researchers discovered more than 600 new vulnerabilities on iOS and Android operating systems and mobile malware detections doubled to a total of 18.4 million. To help combat this, Skycure uses artificial intelligence and machine learning techniques to deliver a single, unified solution that proactively protects mobile devices across all major mobile operating systems, delivering unparalleled depth of threat intelligence to predict and detect the broadest range of threats.
Once Skycure is combined with Symantec’s Integrated Cyber Defense Platform, Symantec’s customers will have access to comprehensive and effective endpoint protection offerings across traditional and mobile devices, with enhanced capabilities for mobile devices, applications, network gateways and data protection. To date, Symantec has invested in mobile security through SEP Cloud and Norton Mobile product lines. The protection capabilities in those product lines will expand with this acquisition and puts Symantec on the path to protect more than 1 billion endpoints.
“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 CEO. “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.”
Clark added, “The promise of a mobile threat defense that comes from a combination like Skycure and Symantec is compelling. As we look ahead, we believe the future is mobile-first and requires protection levels that single platform vendors will struggle to provide on their own. Our investments in this area will bring defense-in-depth across platforms including closed operating systems.”
Adi Sharabani, Co-Founder and CEO of Skycure, said, “We are delighted to join the Symantec team and are pleased that they recognize the value in our Mobile Threat Defense solution, which allows us to get ahead of attacks before they strike and defend against threats without infringing on end user experience or privacy. Customers want mobile security solutions that are easy to deploy and manage, and our threat protection technology offering complements Symantec’s leading endpoint protection solutions, making it easier for companies to embrace BYOD.”
With the addition of Skycure’s technologies, Symantec will also be positioned to serve as a strategic partner for telecommunications companies seeking to build comprehensive mobile security solutions for their end users. Skycure also has validation from Global 2000 customers in the healthcare and financial sectors.
The transaction is subject to customary closing conditions, and is expected to close in the second fiscal quarter of 2017. Symantec expects Skycure’s technologies to be available to its existing and new Endpoint Protection and Norton Antivirus customers and partners soon after the transaction closes. Financial terms of the transaction were not disclosed.
About Skycure
Skycure is the leader in mobile threat defense. Skycure’s platform offers unparalleled depth of threat intelligence to predict, detect and protect against the broadest range of existing and unknown threats. Skycure’s predictive technology uses a layered approach that leverages massive crowd-sourced threat intelligence, in addition to both device- and server-based analysis, to proactively protect mobile devices from malware, network threats, and app/OS vulnerability exploits. Skycure Research Labs have identified some of the most-discussed mobile device vulnerabilities of the past few years, including App-in-the-Middle, Accessibility Clickjacking, No iOS Zone, Malicious Profiles, Invisible Malicious Profiles, WifiGate and LinkedOut. The company was founded by security industry veterans Adi Sharabani and Yair Amit and is backed by Foundation Capital, Shasta Ventures, Pitango Venture Capital, New York Life, Mike Weider, Peter McKay, Lane Bess, and other strategic investors.
About Symantec
Symantec Corporation (NASDAQ:SYMC), the world’s leading cyber security company, helps organizations, governments and people secure their most important data wherever it lives. Organizations across the world look to Symantec for strategic, integrated solutions to defend against sophisticated attacks across endpoints, cloud and infrastructure. Likewise, a global community of more than 50 million people and families rely on Symantec’s Norton and LifeLock product suites to protect their digital lives at home and across their devices. Symantec operates one of the world’s largest civilian cyber intelligence networks, allowing it to see and protect against the most advanced threats. For additional information, please visit www.symantec.com or connect with us on Facebook, Twitter, and LinkedIn.
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Forward-Looking Statements
This press release contains forward-looking statements within the meaning of U.S. federal securities laws, including expectations regarding the acquisition of Skycure and the timeframe in which this will occur and the expected benefits to Symantec, Skycure, and their respective customers from completing the acquisition, including the combination of Skycure’s mobile threat defense technology with Symantec’s existing mobility offerings. These statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievement to differ materially from those expressed or implied in this press release. Such risk factors include, among others, satisfaction of closing conditions to the transaction, the ability of Symantec to successfully integrate the merged business and achieve the expected benefits, and customer demand for the integrated product offerings. Actual results may differ materially from those contained in the forward-looking statements contained in this press release. Additional information concerning these and other risk factors is contained in the Risk Factors section of Symantec's Form 10-K for the year ended March 31, 2017. Symantec assumes no obligation, and does not intend, to update any forward-looking statement contained in this press release. In addition, any forward-looking indication of plans for products is preliminary and all future release dates are tentative and are subject to change. Any future release of the product or planned modifications to product capability, functionality, or feature are subject to ongoing evaluation by Symantec, and may or may not be implemented. As such, statements about such plans should not be considered firm commitments by Symantec and should not be relied upon in making purchasing or investment decisions.