Former U.S. Treasury secretary Steve Mnuchin’s D.C.-centered private fairness firm, Liberty Strategic Capital, has acquired Dallas-based mostly cell protection firm Zimperium for $525 million.
Zimperium presents customers with security alternatives for cell devices so workers can obtain delicate data securely. The Dallas-based firm counts the U.S. Division of Defense and J.P. Morgan Chase as shoppers.
The firm disclosed that it has observed 53% advancement in its yearly recurring income this yr and has struck partnerships with SentinelOne, Motorola Mobility, Intertrust and Ping Identification.
The enterprise is discussing strategies to start an IPO in the foreseeable future, nevertheless it doesn’t have an correct timeline, Zimperium chief government Shridhar Mittal explained.
“Our present-day concentrate is completely on high-profits expansion as a outcome of purchaser acquisition and retention, instantly and by using partnerships,” Mittal informed The Dallas Early morning News.
Zimperium also has acquired investments from Warburg Pincus, Sierra Ventures, SoftBank, Telstra Ventures and Samsung.
Mittal claimed Zimperium plans to employ the service of “as fast as possible” in engineering, gross sales, enterprise progress and marketing and advertising functions. The corporation employs 253 men and women globally, which include 74 personnel primarily based in Dallas.
“We’re really lucky to be headquartered in Dallas with the prosperity of talent offered to us regionally and in the surrounding cities,” Mittal reported.
Zimperium is the fifth firm Mnuchin’s business, Liberty Strategic Capital, has invested in, and the firm’s initially majority stake. Mnuchin was previous President Donald Trump’s Treasury secretary and a member of the Nationwide Security Council. In advance of his get the job done with the U.S. federal government, Mnuchin also labored as an executive at Goldman Sachs.
Liberty’s investments are aimed at late-phase tech and media startups. It invested in Cybereason in July and Contrast Safety in November. The organization also has invested in a business building satellite photos of Earth.
“Liberty Strategic Funds is investing in Zimperium simply because they’ve demonstrated that they can direct the way in this multibillion-greenback marketplace,” Mnuchin reported in a statement. “Employees are making use of their have units, driving enterprises to progressively understand the have to have for prime-of-the-line cybersecurity built for the cellular natural environment.”