Lookout announced a deal to sell its consumer mobile security business to F-Secure, part of a broader pivot to the enterprise.
Lookout has been transitioning “into a pure-play enterprise company,” and the company’s latest deal takes it that much closer to its goal. The deal is reportedly worth $223 million.
“In today’s complex cybersecurity landscape, consumers want consolidated solutions that secure every aspect of their digital lives in a seamless experience,” said Jim Dolce, Lookout CEO. “Early discussions with F-Secure led both parties to the realization that we’d be better together. The combination creates a holistic, integrated consumer experience while building on a shared partner-centric go-to-market model. The impact on customers is a genuine example of when one plus one equals three.”
“Our success in the highly competitive enterprise market has compelled us to focus our product and go-to-market efforts to gain advantage,” continued Dolce. “By doubling down on the enterprise market, we’ll be better positioned to capitalize on its projected hypergrowth, fueled by an increase in remote and hybrid work, a shift to cloud-based delivery models and the transition to zero-trust architectures.”
Timo Laaksonen, President and CEO of F-Secure, welcomed the deal as a way to help expand the company’s US business:
“In line with F-Secure strategy, we are seeking growth both organically and through acquisitions. The acquisition of Lookout consumer BU is a significant step in developing our business in the United States. With a complementary software product portfolio and strong competence in developing mobile products, Lookout consumer BU is a perfect fit for F-Secure. The acquisition presents a truly unique opportunity for us to grow in the most attractive cyber security market in the world through a highly complementary partner-oriented business with similar views on future direction. We warmly welcome this talented group to F-Secure and with complementary industry leading competencies in both companies’ teams, we will create an even stronger platform for future growth.”