Rapid7 enters lucrative BYOD security market with Mobilisafe buy
With $50 million in venture capital funding burning a hole in its pocket, information security testing firm Rapid7 has decided to enter the BYOD security market with the purchase of mobile security firm Mobilisafe.
Last November, Rapid7 said it would use $50 million in VC funding from Technology Crossover Ventures to acquire companies, hire personnel to accelerate product development and expand internationally.
Making good on that pledge, Rapid 7 has agreed to acquire Mobilisafe, a cloud-based mobile risk management product vendor, for an undisclosed consideration.
"With the acquisition of Mobilisafe, Rapid7 addresses [the BYOD] challenge, providing visibility of mobile devices and enabling organizations to manage their risk and take mitigating action. This builds on our existing expertise in managing IT risk across on-premise, cloud and virtual assets," said Mike Tuchen, chief executive officer of Rapid7, in announcing the deal.
Rapid7 expects that Mobilisafe's products will complement its portfolio of security testing and monitoring and management products, such as NeXpose and Metasploit, which enable organizations to monitor networks, manage and prioritize risk, and take action to address security threats.
Mobile device security is one of the biggest challenges facing enterprises in the BYOD era. According to a recent survey by PricewaterhouseCoopers, 88 percent of mobile device owners use their personal devices in the workplace, yet only 37 percent have antivirus protection on their devices. Companies are no better about mobile security, with less than half having a mobile device security strategy in place.
The growing security threat from BYOD has fueled a rapid growth in the mobile enterprise security market, which is expected to grow from just over $1 billion this year to close to $2.5 billion by 2016, according to IDC research.
The BYOD security market is a lucrative market for security vendors, and Rapid7 plans to cash in on that honey pot through its purchase of Mobilisafe.