Mobile device management company Good Technology has raised $50 million, according to a Securities and Exchange (SEC) filing. A company spokesperson confirmed the fundraising but had no comment about the purpose of the raise. The SEC document says the company is seeking a total of $60 million.
Founded in 1996 and headquartered in Sunnyvale, Calif., Good Technology is backed by Oak Investment Partners, Draper Fisher Jurvetson, Meritech Capital Partners, DFJ ePlanet Ventures, DFJ Growth Fund, Rustic Canyon Ventures, Allegis Capital, GKM and Blueprint Ventures.
Good Technology plays in the fast-consolidating MDM market. It provides enterprise mobility technologies across multiple platforms and security and management software. Its product offerings include Good for Enterprise, Good for Government, Good for OEM Device Manufacturers/Carriers and Good Dynamics. Good puts an emphasis on providing a platform that allows enterprise developers and ISVs to create secure mobile applications.
It has been reported that Good is pursuing an IPO. According to the Wall Street Journal, the company has hired four investment banks to explore the possibility of a public offering. The IPO is believed to be taking place later this year. Morgan Stanley, Barclays PLC, Bank of America Corp., and Citigroup Inc. were hired to help with a deal that the WSJ says is likely to be valued at over $1 billion.
The bring your own device (BYOD) movement has in many ways changed the dynamics for the way people work. Mobile use is accelerating faster than any expected, leading to some interesting issues for IT managers who have become accustomed to managing desktop personal computers and laptops. The shift has forced the CIO to adopt the tools provided by MDM vendors.
Enterprise vendors recognize this budding demand and have been making acquisitions to build out mobile work suites. For example, in January, Citrix acquired Zenprise , an MDM vendor.