Lookout sells its consumer cybersecurity business to F-Secure and bets on the company

lookout The long-running transition to becoming an enterprise security company is nearly complete, revealing today that it is selling its consumer mobile security business to Finland. F-safe. Terms of the deal were not disclosed.

Founded in Boston in 2009, Lookout originally started as a consumer-focused smartphone security and data backup business, earning millions of users and hundreds of millions in funds from esteemed investors, including Andreessen Horowitz, Accel, Greylock, Morgan Stanley, Deutsche Telekom, and Jeff Bezos.

Over the past 10 years, Lookout has gradually expanded its reach to business kingdomachieving business alliances with technological giants like samsung on the go. A couple of years ago, Lookout went most of the way to cementing its B2B credentials when snapped up cloud-native cybersecurity startup CipherCloud, a company focused on the growing edge of secure access service (SASE) security segment.

Fast forward to today, and while Lookout still offers a suite of security products for the consumer market including antivirus software for smartphonesit’s clear that his trajectory in recent years has moved much closer to the company, which is why he’s transferring almost all the remains of his consumer business to F-Secure, a long-established European company. consumer cybersecurity company that sells everything from password management tools to antivirus apps.

Lookout says that with this transaction, which it expects to close within the next two months, its business will “now evolve into a pure enterprise company” with a focus on mobile endpoint security and cloud security. While he did not disclose how much he earned for his consumer business, he said the proceeds will be reinvested in his business products, along with the $150 million in debt financing he secured from BlackRock last summer.

“Our success in the highly competitive enterprise marketplace has forced us to focus our product and go-to-market efforts to gain an advantage,” Lookout CEO Jim Dolce said in a statement. Press release. “By doubling down on the enterprise market, we will be better positioned to capitalize on its projected hyper-growth, driven by an increase in remote and hybrid work, a shift to cloud-based delivery models, and the transition to zero-trust architectures.”