IT asset and service management software developer Ivanti is acquiring MobileIron and Pulse Secure in deals that will expand Ivanti’s technology lineup for endpoint device automation and security.
Ivanti announced Monday that it will acquire public-traded MobileIron, a provider of mobile-centric unified endpoint management systems, for approximately $872 million. Shareholders will receive $7.05 per share in cash representing a 27 percent premium to MobileIron’s Sept. 24 stock closing price. MobileIron’s board of directors has approved the acquisition and recommended that shareholders vote their shares in favor of the deal.
Pulse Secure is a developer of secure access and mobile security technology. Ivanti is acquiring Pulse Secure from affiliates of Siris Capital Group and the purchase price was not disclosed.
Through the MobileIron and Pulse Secure acquisitions Ivanti “will be delivering on its vision to enable the self-healing autonomous edge with adaptive security and contextualized, personalized experiences for remote workers,” the company said in a statement. The combination of Ivanti, MobileIron, and Pulse Secure “will cement Ivanti’s leadership in unified endpoint management, zero trust security, and enterprise service management, which are critical in today’s remote work environment.”
“By combining MobileIron and Pulse Secure with Ivanti, we are creating a leader in the large and growing unified endpoint management, security, and enterprise service management markets. We now have the most comprehensive set of software solutions that address the growing market demand for the future of work, where working from anywhere on any device type is the new normal,” said Ivanti chairman and CEO Jim Schaper in the statement.
“With the integration of our industry knowledge and complementary product offerings, Ivanti will be well-positioned to provide our expansive customer base with the critical tools needed to tackle IT challenges in the new normal,” Schaper said.
Last month reports circulated that MobileIron was working with a financial advisor to explore options for the company’s future, including a potential sale, after being publicly traded on the Nasdaq exchange for more than six years.
Schaper will continue to lead Ivanti after the acquisitions, which are subject to customary conditions and shareholder approval, are completed. In his statement Schaper welcomes MobileIron’s and Pulse Secure’s employees, customers and partner networks to the company.
The acquisitions are being funded by affiliates of investment firm Clearlake Capital Group and private equity firm TA Associates. Ivanti is a portfolio company of Clearlake and last month TA Associates announced a strategic investment in Ivanti. Morgan Stanley Senior Funding, Bank of America Securities, UBS Investment Bank and BMO Capital Markets are providing debt financing for the acquisitions.
“The combination of Ivanti, MobileIron, and Pulse Secure will cement Ivanti’s leadership in unified endpoint management, zero trust security, and enterprise service management, which are critical in today’s remote work environment,” according to the company. “With today’s announced transactions, Ivanti will enable customers to discover, manage, secure service, and automate across all device types with the Ivanti Neurons hyper-automation platform. Additionally, customers will benefit from the expanded scale, corporate resources, service capabilities and financial flexibility that Ivanti will deliver.”