Ivanti, with backing from Clearlake Capital and TA Associates, has announced this week the strategic acquisitions of MobileIron and Pulse Secure. The company says the move will align with its mission to further automate and secure endpoints and will help establish it as a market-leading platform in unified endpoint management, zero trust security, and enterprise service management software solutions.
Under the terms of the agreement with MobileIron, Ivanti will acquire all outstanding shares of MobileIron common stock for a total value of approximately $872 million. MobileIron stockholders will receive $7.05 in cash per share, representing a 27% premium to the unaffected closing stock price as of September 24, 2020. MobileIron’s Board of Directors unanimously approved the deal and recommended that stockholders vote their shares in favor of the transaction.
Pulse Secure will be acquired from affiliates of Siris Capital Group, LLC and the terms were not disclosed.
By acquiring MobileIron and Pulse Secure, 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 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. 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. Upon completion of the transactions, the combined company will continue to be led by Ivanti chairman and CEO Jim Schaper.
“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 Mr. Schaper. “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. We welcome MobileIron’s and Pulse Secure’s employees, customers, and partner network to the Ivanti family and thank Clearlake and TA Associates for their strong support in enabling these transformational transactions.”
“We are thrilled to join forces with Ivanti and Pulse Secure in a combination that will accelerate our ability to help organizations quickly and securely embrace the future of work, in which employees, IT infrastructure and customers are everywhere – and mobile devices provide access to everything,” added Simon Biddiscombe, CEO of MobileIron. “Bringing our solutions together will enable organizations to easily secure users, devices, data and access in the Everywhere Enterprise. We’re confident that this transaction will deliver comprehensive security for the next generation workforce, provide enhanced opportunities for our team of employees, and better serve our customer base. Additionally, we believe this combination represents the best path forward for our stockholders and MobileIron.”
“Over the course of Pulse Secure’s evolution, we have established ourselves as a leading provider of secure access solutions to enterprises and service providers, with a dedicated group of employees, a focused strategy complemented by strong execution and an integrated portfolio of offerings designed to improve customers’ productivity, provide them with greater visibility and improve their compliance posture,” added Sudhakar Ramakrishna, CEO of Pulse Secure. “Siris has been a committed partner working side-by-side with us throughout our journey, and we are grateful for the team’s support and added value to our business. As it relates to the future of work, Ivanti shares our belief that ‘Remote is the New Normal’ and our commitment to building Secure Access solutions that offer simple and unified user experiences. We are excited to join the Ivanti family alongside MobileIron and look forward to utilizing the resources that Clearlake and TA Associates provide to further establish our position as a Secure Access leader for Hybrid IT environments in a world of Zero Trust.”
In August, Ivanti, a portfolio company of Clearlake, announced a new strategic investment from TA Associates. The investment from TA Associates, along with new capital from Clearlake, will be used to accelerate Ivanti’s growth. Clearlake and TA partnered to fund the strategic acquisitions. UBS Investment Bank advised Clearlake and Ivanti in the transaction, and Shea & Company, LLC advised TA Associates on the strategic investment in Ivanti.