Analysts at Gartner believe that the mobile device management (MDM) market will see strong growth in the coming years. Studies estimate that nearly 20% of medium and large businesses in the country have already purchased MDM tools. The MDM market is still small and was estimated to be worth more than $500 million in revenues in 2012. This is up from an estimated value of $265 million in 2009. But as more and more organizations adopt the “bring your own device” (BYOD) approach within the workplace, the MDM market will grow.
One player making big news within the MDM market is Mountain View–based MobileIron. MobileIron was founded in 2007 by Ajay Mishra, Suresh Batchu, and Bob Tinker. MobileIron had realized the growing importance of mobile devices and launched their first product in 2009. Since then, they have released several upgrades to solutions that address the problem of network security. Their suite of security and management platforms works on mobile apps, docs, and devices. Today, their product ensures password protection for mobile devices, tracks the use of devices and corporate mobile apps, and also helps purge sensitive company data from devices that are stolen or misplaced.
MobileIron’s products are available in 33 countries worldwide. They have established offices in China, Germany, Hyderabad, Japan, the Netherlands, Singapore, Sydney, and the United Kingdom and are ranked among the leading vendors in the industry. They have a customer list of 2,200 customers which includes 200 of the Fortune 500 in the U.S.
MobileIron’s financials are largely unknown. Analysts believe that they have yet to turn profitable. Back in 2010, their revenues were estimated to be $10 million annually. Revenues are estimated to double next year to $20 million-$30 million.
MobileIron is largely venture funded. To date, they have raised $97 million in funding from investors that include Storm Ventures, Sequoia Capital, Norwest Venture Partners, and Foundation Capital. Their most recent round of funding of $40 million was held in May 2012 and pegged the company’s valuation at $600 million. MobileIron plans to use these funds toward product development and geographic expansion.
MobileIron’s Growing Partnerships
MobileIron has remained a strong player in the industry through partnerships. Recently, they announced a tie-up with Samsung to support Samsung KNOX, one of the more advanced Android solutions for the enterprise. The two will work together to provide strong security and a comprehensive enterprise experience for both mobile IT and end users. Earlier last month, they also tied up with Fixmo, a provider of mobile security and data protection solutions. Through the partnership, the two companies will provide federal agencies with a secure, full-feature solution for their Mobile First initiatives. Fixmo will bring their federally compliant system integrity controls to the table to help MobileIron expand their government customer base.
Both analysts and MobileIron’s management believes that an IPO may be a potential way forward. Last October, they appointed a new CFO, Jim Buckley, who has experience helping prepare and lead companies through their initial public offerings. The company still has to confirm a timeline for an IPO, and it probably is still a bit to small, revenue-wise, to be ready in 2013.