Venture capital-backed mobile security company AirWatch is to be acquired by NYSE-listed software company VMware for $1.54bn, yielding a sizeable return for investors that only joined the company within the last year.
The acquisition will be funded through a combination of balance sheet cash and proceeds from approximately $1n of additional debt to be provided by EMC.
AirWatch’s enterprise mobile management offerings will form an expanded portfolio of mobile solutions that are complementary to VMware’s portfolio, the company said.
AirWatch’s client base includes companies such as Delta, United Airlines, Bureau of Alcohol Tobacco, Spanska, PepsiCo and Best Buy. The company is reported to have revenue of between $125m and $150m.
Copyright © 2014 AltAssets