McAfee, Inc., the US-based digital security major, has announced the acquisition One97 Communications-backed startup tenCube. The Singapore-based firm is the provider of the WaveSecure mobile security service. The acquisition is expected to close in August of 2010.
Noida-based One97 had invested around $1 million in tenCube in exchange for around a 21% stake in February this year. The deal would give the One97, which is planning a Rs 120 crore IPO, an exit. One97 has recently teamed up with private equity firm SAIF Partners to
co-invest in mobile value added services companies with an allocation of around $100 million.
The deal gives McAfee the capabilities it needs to deliver the industry's most complete next generation mobility platform, said the company in a statement.
tenCube has also been earlier funded by NUS Enterprise and the Singapore Government's SEEDS investment fund.
WaveSecure helps users to remotely lock, track and locate lost phones, get a copy of their data securely backed up, and remotely wipe data off the phone to protect privacy. McAfee also plans to offer a child locator service, using the unique technology from WaveSecure.
According to Ericsson, there will be 50 billion IP connected devices in 2020, up from 1 billion today. With the proliferation of these devices comes the need to secure and manage them--whether it's the value of the device itself, protection from theft and data loss, or meeting compliance requirements set forth by the user's employer.
"Mobile devices have become an extension of our lives," said Darius Cheung, chief executive officer, tenCube. "Through this acquisition, McAfee can broaden its security capabilities and offer users protection and remote control of the phone whether it is in their possession or not. This means no more worries about the whereabouts of your phone or losing personal contacts, photos or messages."