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From good to great : Good Technology IPO signals new direction
Mobile security solutions provider Good Technology has filed for an initial public offering (IPO). The public filing with the Securities and Exchange Commission (SEC) comes after a year of speculation that the Sunnyvale, CA company would enter the public arena. Good Technology’s platform is an industry provider of mobile device security and mobile device management. The company competes in the mobile device management market with the likes of Citrix’s Zenprise, MobileIron, AirWatch and Intellisync.
Last week, Good Technology released its Q1 2014 Mobility Index Report, indicating that amid growing security concerns, organizations are developing more advanced secure mobile apps. Citing a 57 percent rate in growth of secure enterprise app activations in its customer base, Good Technology features its mobile security design along with productivity, collaboration and efficiency as parts of its Good Secure Mobility Platform.
Security and management solutions like Good Technology have grown in parallel to the explosion of mobile devices in the enterprise. Enterprise mobile computing is often referred to as ‘bring your own device’ (BYOD), and the phenomenon has changed the dynamics of security and device management.
The IPO could also bring good things for what appears to be a new direction for Good Data. The company is in the midst of a shift from consumer products to enterprise solutions, as illustrated in the SEC filing. The official filing indicates Good Data is focused on “marketing and selling our secure mobility solution to enterprises and governments.” The filing also indicates that the company’s consumer-based product “Good for You” has not been the revenue generator it once was:
“…from 2009 through 2011, our consumer-oriented Good for You application generated the largest portion of our revenues, but in 2013, it represented less than 29 percent of our revenues, and we expect this percentage to decrease further in the future…”
Outlook on the market varies, as according to a 2013 Gartner report, the mobile device management space is estimated to be a $784 million market with about 128 providers. Yet, while Gartner projected the market to be worth $1.6-billion market by 2014, one of Good Technology’s chief competitors, MobileIron recently delayed its IPO plans, seeking better tech market conditions before its launch.
photo credit: Science Museum London via photopin cc
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