Pitango profits from $250m Skycure exit

Rami Kalish

Pitango has a 31% stake in the Israeli mobile security company, which was bought by Symantec.

It was learned yesterday that Symantec acquired Skycure at a price believed to be just over $250 million. Skycure, the leading company in protection of mobile devices, offers a comprehensive solution for mobile device security, including against malware, network attacks, and attacks against the Android and iOS operating systems. In its announcement, Symantec explains, "One of the advantages of Skycure's solution is its ability to not only detect threats in real time, but also to provide independent protection for iOS and Android that prevents any takeover of the device and leaking of organizational or personal information, such as passwords, messages, personal particulars, etc."

A check by "Globes," based on figures from the Registrar of Companies, reveals that the largest shareholder in Skycure is Pitango Venture Capital, with 31% of the share capital. Pitango's investment in Skycure began at the seed stage. Pitango founder and managing partner Rami Kalish led his fund's investment. Skycure cofounders Adi Sharabani (CEO) and Yair Amit (CTO) own 11% of the share capital, and will receive at least $28 million (gross, before tax) - about NIS 100 million.

In its announcement, Symantec asserts, "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."

Symantec adds, "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."

"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," Symantec CEO Greg Clark states, adding, "The promise of a mobile threat defense that comes from a combination like Skycure and Symantec is compelling… Our investments in this area will bring defense-in-depth across platforms including closed operating systems.”

Sharabani stated, "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.”

Published by Globes [online], Israel Business News - www.globes-online.com - on July 12, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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