Lookout core business evolves into pure-play enterprise cybersecurity company
Lookout, Inc., the endpoint-to-cloud security company, announced it has entered into an agreement to sell its consumer mobile security business to F-Secure, a global provider of consumer security products and services. This complementary acquisition expands F-Secure’s market leadership in the communication service provider channel and accelerates its vision of becoming the No. 1 security experience company.
With this transaction, Lookout’s core business will now evolve into a pure-play enterprise company.
“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.”
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“Our success in the highly competitive enterprise market has compelled us to focus our product and go-to-market efforts to gain advantage”
With this partial divestiture, Lookout’s core enterprise business will continue to expand and diversify to address the most pressing security challenges facing IT and security leaders today. The core business includes Lookout’s Mobile Endpoint Security (MES) and its Security Services Edge (SSE) cloud-native solution, the Lookout Cloud Security Platform. Lookout plans to redirect the transaction proceeds back into the business and invest in expanding its enterprise products and customer base with a clear focus and vision.
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“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.”
Lookout entered the fast-growing cloud security market through its acquisition of CipherCloud in March 2021, and that business continues to grow and expand. Its Cloud Security Platform was recently scored among the highest three vendors in the 2023 Gartner Critical Capabilities for Security Service Edge (SSE)1 report in each of the four use cases. The Gartner Critical Capabilities for SSE – an essential companion to the Gartner Magic Quadrant™ for SSE2 in which Lookout was named a Visionary for the second year in a row – is a comparative analysis that scores products or services against a set of critical differentiators that every business needs, as identified by Gartner.
The divestiture of Lookout’s consumer mobile security business segment is expected to close by the end of June, 2023.