Good Technology, which offers mobile device management and security to enterprises, officially withdrew its plans for an initial public supplying on Friday. BlackBerry is about to launch the BlackBerry Venice operating Android and, possibly, a Passport carrying out the very same. BBRY had always competed against Great as becoming far better technology and a much better performing enterprise platform this is an admission that BBRY’s own efforts to develop hi functionality coverage to iOS and Android devices was stalled. In fact, Chen is turning BlackBerry around…..and excellent luck surpassing 74.5 million in the Christmas quarter. Good Technology is one particular of BlackBerry’s greatest competitors in terms of enterprise mobility management.
BlackBerry publicly questioned Good’s claim it was the first 1 to incorporate a split billing solution for its clientele when BlackBerry had supposedly currently announced its own version two months before Very good released a press statement. Announced its acquisition of Sunnyvale, California-based Good Technology for $425 million in money.
BlackBerry by means of its COO, Marty Beard, had absolutely nothing but praises for its former competitor. BlackBerry will also have the ability to very easily introduce solution offerings to the rest of Good Technology users. In the previous, BlackBerry also acquired Watchdog, Athoc and SecuSmart, which all specialized in their own mobile device security and encryption niches. BlackBerry announced final week, that it will be acquiring rival mobile security business, Good Technology for $425 million.
BlackBerry expects Good Technology to generate $160 million of revenue and attain cost synergies in the first year of the acquisition. BlackBerry will also be in a position to increase its buyer database, creating relationships with numerous monetary institutions, including Fortune one hundred commercial banks which are currently Excellent Technology’s consumers. On the other hand, its service income has also decreased by 15% on a basis and Good Technology’s revenues are not substantial adequate to overcome the weakness.
According to Bloomberg, two analysts have rated the stock as a Acquire, even though 19 have assigned a Hold and nine are recommending a Sell. The 12 month consensus value target is $8.44, which represents an upside of 14.6%, when compared with the existing stock price tag of $7.36 as of 12:34 PM EDT. BlackBerry expects to complete the acquisition by the third financial quarter of subsequent year, adding that the acquire could bring in $160 million within the initial year.