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VC-backed AirWatch sells for $1.54bn less than 12 months after Series A

23 Jan 2014

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.

In February 2013 AirWatch closed a $200m Series A investment, which was led by Insight Venture Partners. Later that year global venture capital investor Accel Partners provided an additional $25m.

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.

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