Pulse Secure, a newly formed provider of network security, acquired the Israeli startup MobileSpaces on Thursday at a price sources put at more than $100 million.
MobileSpaces, whose technology provides security for smartphones and other mobile devices used by employees, will keep its 20-person staff in Israel and Silver Spring, Maryland, and become part of the California company’s team.
“Right now we have a research and development center in Petah Tikva that employs 10 people. We plan to expand our operations there and recruit mobile developers locally,” said MobileSpaces cofounder and chief technology officer Yoav Weiss. He was named Pulse Secure’s vice president for mobile technology.
The acquisition came just hours after Pulse Secure was formally spun off from Juniper Networks into a separate, closely held company controlled by the private equity firm Siris Capital.
MobileSpaces’ technology, which is downloaded to a smartphone or tablet as an app, creates a virtual partition between the employer’s and employee’s data. The workspace protects corporate information against data leakage and loss.
“In two years, 71% of U.S. companies will allow more than half of their employees to access corporate data on a mobile device,” said Chris Hazelton, research director for enterprise mobility at 451 Research, in a statement issued by Pulse Secure. “These companies will need mobility management tools to secure corporate data in motion and on devices.”
Mobile Spaces was formed three years ago by Weiss and CEO David Goldschlag, a former McAfee vice president. Weiss served in the Israel Defense Forces 8200 intelligence unit and was among the first employees of Check Point Software Technologies.
Since it was formed, MobileSpaces had raised $11.6 million in venture capital, most recently an $8.6-million round in July led by Accel Partners and Marker LLC.