Ivanti, Inc., a provider of enterprise-grade intelligent IT management and security software solutions, is to acquire MobileIron (NASDAQ:MOBL), a Mountain View, Calif.-based mobile-centric security platform for the Everywhere Enterprise.
Under the terms of the agreement, Ivanti will acquire all outstanding shares of MobileIron common stock for a total value of approximately $872m in cash. MobileIron stockholders will receive $7.05 in cash per share, representing a 27% premium to the unaffected closing price as of September 24, 2020. MobileIron’s Board of Directors unanimously approved the transaction and believes the transaction will maximize stockholder value.
The closing of the transaction is expected in late Q4, subject to approval by MobileIron stockholders and the satisfaction of regulatory and customary closing conditions.
Backed by Clearlake Capital Group, L.P. and TA Associates Management L.P., the combined company’s solutions will extend to all devices, making Ivanti the leading provider of Unified Endpoint Management (UEM), Enterprise Service Management (ESM), and Zero Trust security solutions. The deal will enable Ivanti to deliver a comprehensive set of solutions to discover, manage, secure, and service every endpoint for the Everywhere Enterprise, in which employees, IT infrastructures and customers are everywhere — and mobile devices provide access to everything.
Ivanti has also entered into an agreement to acquire Pulse Secure LLC, a provider of Secure Access and mobile security solutions to enterprise customers led by Sudhakar Ramakrishna, CEO.
Morgan Stanley Senior Funding, Inc., BofA Securities, UBS Investment Bank, and BMO Capital Markets are providing debt financing for the acquisitions.
Led by Simon Biddiscombe, CEO, MobileIron provides a mobile-centric security platform for the Everywhere Enterprise. It combines unified endpoint management (UEM) capabilities with passwordless multi-factor authentication (Zero Sign-On) and mobile threat defense (MTD) to validate the device, establish user context, verify the network, and detect and remediate threats to ensure that only authorized users, devices, apps, and services can access business resources in a “work from everywhere” world. It serves over 20,000 organizations, including the world’s largest financial institutions, intelligence agencies, and other highly regulated companies.
Led by Jim Schaper, Chairman and CEO, Ivanti automates IT and Security Operations to discover, manage, secure and service from cloud to edge. From PCs to mobile devices, VDI, and the data center, the company discovers IT assets on-premises, in cloud, and at the edge, improves IT service delivery, and reduces risk with insights and automation.