Mocana Receives Investment from Intel Capital
SANTA CLARA, Calif. --(Business Wire)--
Mocana Corporation, a company that focuses on mobile and smart device security, has announced that it has received a strategic investment from Intel (News - Alert) Capital, Intel's global investment organization. The investment in Mocana and the business collaboration with Intel underlines the fundamental importance of security in the burgeoning "Internet of Things" and will help to accelerate new Smart Device markets, including smartphones, medical devices, industrial automation, sensors, smart grid, automotive, connected home appliances, game consoles, televisions, set-top boxes and consumer electronics, to name just a few.
Connected "smart devices," including smartphones, represent a $900 billion hardware, software and services ecosystem that is rapidly growing. Mocana (News - Alert) has established itself as the leader in this technically challenging market space, with market proven solutions that are device and network independent. Securing these devices is especially difficult because of the unique security threats that always on, resource constrained devices represent across every sector of the economy.
Mocana, a closely-held San Francisco firm which launched in 2004, has enjoyed impressive year-over-year growth. Over 150 companies have already licensed Mocana's solutions, which is a combination of software resident on the device and context-intelligent security services delivered from the cloud. Mocana's platform approach protects not only the devices, but the applications and services that run across them as well. Mocana's customers include Intel, General Electric, Cisco (News - Alert), Honeywell, General Dynamics, Freescale Semiconductor, Samsung, LG, Good and Siemens, among others. Mocana technology secures devices ranging from Android smartphones for consumers, to smart-grid infrastructure devices for utilities, medical devices and even unmanned aerial vehicles (UAV's).
Intel Capital's investment joins institutional investors Shasta Venture Capital and Southern Cross Venture Partners. Mocana also received early strategic investment from Symantec Corp. (News - Alert), a global leader in providing security, storage and systems management solutions.
"Mobile device security is fundamental to the success of any mobile endeavor, be it personal, commercial or governmental," said Dave Flanagan, managing director, Intel Capital. "Mocana's special expertise in securing devices and the information that runs across them will be crucial to the success of the Internet of Things, esecially in the mobile domain."
"Organizations and consumers alike expect simple and secure access to information and services from any device. Security will be critical to enabling that access and preserving trust as more managed and unmanaged devices connect to the Internet," said Charlie Rice, Mocana board member and Vice President, Corporate Development, Symantec. "Symantec's vision is to deliver confidence in a connected world, and we view Mocana as a driving force in the effort to strengthen security for today and tomorrow's smart devices."
"The future of the Internet will be heavily influenced by smart devices, including smartphones," said Adrian Turner, Mocana CEO, "We believe Intel Capital's strategic investment in Mocana, the company that intimately understands the defense in depth solutions needed for device security, will position them well for what's next. With the right smart device security and information management platform, customers will have confidence to consume online services and transact via their connected devices. They will also be able to automate device enabled business processes, at unprecedented scale. Mocana is at the center of this important shift."
About Intel Capital
Intel Capital, Intel's global investment organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, home, mobility, health, consumer Internet, semiconductor manufacturing and cleantech. Since 1991, Intel Capital has invested more than US$10 billion in over 1,140 companies in 50 countries. In that timeframe, 191 portfolio companies have gone public on various exchanges around the world and 268 were acquired or participated in a merger. In 2010, Intel Capital invested US$327 million in 119 investments with approximately 44 percent of funds invested outside the United States and Canada. For more information on Intel Capital and its differentiated advantages, visit www.intelcapital.com.
Mocana is developing the industry's only device-independent Smart Device Security Platform that secures all aspects of IP addressable devices as well as the information, applications and services that run on them. Mocana's solutions dramatically increase confidence, trust and compliance among OEMs, service providers and their customers. Every day, millions of people use products sold by over 150 companies that leverage Mocana's Device Security solutions, including Cisco, Honeywell, Dell, General Electric, General Dynamics, Avaya and Harris, among others. Recently, Mocana won Frost & Sullivan's (News - Alert) Technology Innovation of the Year award for Device Security, and was named to the Red Herring "GLOBAL 100" as one of the top 100 privately-held technology companies in the world.
FORWARD LOOKING STATEMENTS SAFE HARBOR
This press release contains certain forward-looking statements regarding the transaction between Intel and Mocana, including but not limited to statements regarding the future demand for security; the effectiveness of device security; plans to introduce a product resulting from the strategic partnership; benefits of the proposed transaction; future products and concepts to increase security, particularly with respect to cloud computing and mobile devices and Intel's expectations regarding the proposed transaction's effects on its GAAP and non-GAAP results. Actual events or results may differ materially from those contained in these forward-looking statements. Among the important factors that could cause future events or results to vary from those addressed in the forward-looking statements include without limitation, risks and uncertainties arising from the possibility that the closing of the transaction may be delayed or may not occur; difficulties with the integration process or the realization of the benefits of the transaction; general economic conditions in the regions and industries in which Intel and Mocana operate; and litigation or regulatory matters involving antitrust and other issues that could affect the closing of the transaction. Intel and Mocana are under no duty to update any of the forward-looking statements after the date of this press release to conform to actual results.
Intel and the Intel logo are trademarks of Intel Corporation in the United States and other countries. Mocana and the Mocana logo, "device security framework" and the "security evolves" tagline are trademarks or registered trademarks of Mocana. Other marks and brands may be claimed as the property of others.