WASHINGTON–(BUSINESS WIRE)–Liberty Strategic Capital, a private equity firm founded and led by former Treasury Secretary Steven T. Mnuchin, today announced a definitive agreement to acquire Zimperium, a global leader in mobile threat defense , for approximately $525 million. This is Liberty Strategic Capital’s first takeover and fourth investment in cybersecurity, one of Liberty’s core focus areas.
Zimperium was the first to offer a complete mobile cybersecurity platform to protect mobile devices and applications. With increasing sophistication, criminals are targeting mobile devices that process and access critical information such as passwords, multi-factor authentication applications, and corporate files and communications. As the mobile world becomes increasingly complex with new apps, features and capabilities being introduced all the time, Zimperium enables businesses of all sizes to secure their mobile devices and build safe and secure mobile apps. Zimperium’s platform helps prevent sensitive data loss and infrastructure exposure that can lead to fraud, reputational damage, and regulatory penalties.
Secretary Mnuchin, Founder and Managing Partner of Liberty Strategic Capital, said, “Mobile devices and applications are an integral part of everyday life for people around the world. They contain or serve as a gateway to the most sensitive personal and organizational data, making them an extremely valuable target for attackers. Clearly, mobile is the new frontline for cybersecurity. We all need to focus more on protecting mobile devices and apps. Liberty Strategic Capital invests in Zimperium because they have shown they can lead the way in this multi-billion dollar market. Employees use their own devices, leading companies to increasingly recognize the need for high-end cybersecurity designed for the mobile environment. As the use of mobile devices and the cyber threats against them proliferate, we believe Zimperium has positioned itself as the leader in securing mobile devices and applications. We are excited to work with Zimperium as a leader in this critical and rapidly growing market to strengthen mobile security worldwide.
Shridhar Mittal, CEO of Zimperium, said, “There is no doubt that the world is going mobile. And while that’s happening, modern operating systems like Android and iOS are playing a bigger role in the devices people use in their personal and professional lives. But what many people don’t realize is that protecting these devices is very different from protecting traditional endpoints and requires a new approach. We’ve helped leading public and private organizations around the world strengthen mobile security, and as we enter a phase of strong growth to help even more organizations, Secretary Mnuchin and the team at Liberty Strategic Capital will be a tremendous asset to guide and propel our business. before. I also want to personally thank the incredible investors who have supported our business and our vision to secure mobile, including Warburg Pincus, Sierra Ventures, SoftBank, Telstra Ventures, and Samsung.
Secretary Mnuchin will chair Zimperium’s board of directors. SoftBank Corp., which has been an investor in Zimperium since 2017, will continue as a minority investor. The acquisition, which is subject to regulatory approvals and customary closing conditions, is expected to close in the second quarter of 2022.
Paul, Weiss, Rifkind, Wharton & Garrison LLP provided legal advice to Liberty Strategic Capital in this transaction. JP Morgan Securities LLC acted as exclusive financial advisor to Zimperium, while Orrick Herrington & Sutcliffe LLP provided legal advice.
Zimperium provides a leading mobile security platform specifically designed for enterprise environments. With machine learning-based protection and a single platform that secures everything from apps to endpoints, Zimperium’s solution provides on-device mobile threat defense to protect growing and evolving mobile environments. Zimperium is headquartered in Dallas, Texas. For more information, follow Zimperium on Twitter (@Zimperium) and LinkedIn (https://www.linkedin.com/company/zimperium), or visit www.Zimperium.com.
About Liberty Strategic Capital
Liberty Strategic Capital is a Washington, DC-based private equity firm focused on strategic investments in technology, financial services and fintech, as well as new forms of content. The company was founded in 2021 and is led by former Treasury Secretary Steven T. Mnuchin. Liberty’s portfolio includes significant investments in cybersecurity technology companies Cybereason, Contrast Security and BlueVoyant, as well as an investment in satellite technology company Satellogic. As Secretary of the Treasury and a member of the National Security Council, Secretary Mnuchin helped shape the U.S. government’s approach to cyber threats, including overseeing the design of new economic sanctions targeting Iranian, Russian, and North Korean cyberattackers. and transnational cybercriminals, and use sanctions authorities to combat ransomware attacks. Secretary Mnuchin was also the primary US government official responsible for cybersecurity in the financial services sector. In this capacity, he worked directly with key US regulators and CEOs of the largest US financial institutions on cybersecurity preparedness, regulatory coordination and incident response. Additionally, Secretary Mnuchin led the modernization of technology and data security within the Internal Revenue Service to better protect the nation’s largest collection of sensitive personal financial data.
Liberty’s chief executive, Michael D’Ambrosio, a former deputy director of the United States Secret Service with extensive experience in national security and cybersecurity issues, played a key role in the investment. Mr. D’Ambrosio will play a leading role in Liberty’s efforts to provide strategic assistance to Zimperium.