BlackBerry acquiring Good Technology for $425 million
BlackBerry Ltd announced on Friday that it is going to acquire Good Technology Corp for $425 million.
Good Technology is a mobile security provider headquartered in Sunnyvale, California, United States. The company creates applications designed to help employees work securely from their personal phones.
The acquisition will help BlackBerry “expand its ability to offer a unified, secure mobility platform with applications for any mobile device on any operating system.”
BlackBerry recently shifted focus to device management software for corporate clients. More workers have switched from using their employer-provided BlackBerry to their own iPhone or Android device.
The deal is expected to close by late November. BlackBerry said that it expects to generate $160 million in revenue from the acquisition in the first year.
“By acquiring Good, BlackBerry will better solve one of the biggest struggles for CIOs today, especially those in regulated industries: securely managing devices across any platform. By providing even stronger cross-platform capabilities our customers will not have to compromise on their choice of operating systems, deployment models or any level of privacy and security,” said John Chen, BlackBerry Executive Chairman and CEO.
“Like BlackBerry, Good has a very strong presence in enterprises and governments around the world and, with this transaction, BlackBerry will enhance its sales and distribution capabilities and further grow its enterprise software revenue stream.”
“Enterprise customers today demand stringent security and the most flexible platform across all mobility strategies,” said Christy Wyatt, Good Chairman and CEO.
“We are excited to join BlackBerry, where together we will be the most comprehensive mobile platform in the market. Good has worked hard to deliver the highest levels of security across operating systems and applications. Our trusted Good solutions will also help BlackBerry to accelerate its Internet of Things platform for managing endpoints beyond mobile devices.”
According to BlackBerry, J.P. Morgan Securities LLC and Bank of America Merrill Lynch advised Good on the deal.