Liberty Strategic Capital, a private equity fund owned by former U.S. Treasury Secretary Steven Mnuchin has bought a controlling stake of $525 million in startup security firm Zimperium. This information was revealed by the Washington based private equity fund.
This acquisition deal is the first ever majority stake acquisition by the private equity fund since its launch back last year. Liberty Strategic Capital has also participated in late-stage funding rounds in cybersecurity firms Cybereason and BlueVoyant.
Zimperuim was founded in 2010 and the company provides mobile security solutions for Chromebook, Android and iOS devices. It renders its services to companies across industries like healthcare, banking and financial services sector. The company also serves the U.S. Department of Defense as its customer.
Citing data from PitchBook, Zimperuim has raised over $100 million in equity and debt financing from investors including Warburg Pincus. The company’s CEO, Shridhar Mittal, says their business has been growing during the pandemic with its annual recurring revenue expanding 53% in 2021.
“It’s been a big tailwind for us because as workers are starting to work more from home, they’re starting to do more of their work on mobile devices,” said the CEO.