According to a report released by MarketsandMarkets, the global market for Bring Your Own Device and Enterprise Mobility is projected to grow 27% annually from $72 billion this year to $266 billion by 2019. The researcher expects the increased adoption of cloud technology and the continuing reduction in hardware costs to be among the key factors for increased mobile adoption within organizations.
Mountain View-based MobileIron helps companies adopt the mobile technology effectively while ensuring they retain secure levels of services. MobileIron has invented a “purpose-built mobile IT platform” that helps deliver secure mobile applications for organizations. Enterprises can also use their platform to manage mobile applications, content, and devices and provide employees with the ability to bring their own device to work.
Data security is a key concern among organizations wanting to enable access of mobile devices within their networks. MobileIron’s IT platform allows organizations to protect corporate data while being able to deliver apps and content for mobile devices. Their architecture not only ensures data security but, by separating personal data from corporate data, also leads to increased employee productivity and gives the IT organizations the ability to define security and management policies independent of the device being used. Their solution 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 offers their products both as a cloud-based SaaS offering and as an on-premise solution, thus giving organizations the flexibility to choose from a subscription-based pricing model and a perpetual licensing one. Their solutions have been deployed by more than 6,000 organizations across multiple industries including financial services, government, healthcare, legal, manufacturing, professional services, retail, technology, and telecommunications.
Over the past few years, revenues have grown from $13.9 million in 2011 to $105.6 million in 2013. Revenue from subscription services accounted for 14% of the revenues last year while perpetual licensing services brought in 66% of the revenues. They earned 20% of the year’s revenues by providing software support services. They are yet to turn profitable and over the past few years have seen losses of $25.7 million, $46.5 million, and 32.5 million in 2011, 2012, and 2013, respectively.
MobileIron has been largely venture funded with $147.6 million in investments received from funds including Northgate Capital, Storm Ventures, Sequoia Capital, Norwest Venture Partners, and Foundation Capital. Their last round of funding was held in August last year when they raised $50 million at an undisclosed valuation. In 2012, the company was valued at close to $600 million. Recently, the company filed their S-1 to raise $100 million by selling 11.1 million shares on the Nasdaq under the ticker MOBL at $9.00 each.
Their stock is currently trading at $10.70 with a market capitalization of $798.7 million. It touched a high of $11.74 soon after listing earlier last week.