WATERLOO, Ontario, Sept. 5 (UPI) — BlackBerry takes another step into secure mobile communications domination as it announces its acquisition of competitor Good Technology.
In a statement released Friday, the former smartphone giant revealed its agreement to absorb Good for $425 million in cash.
Good’s connections with governments and corporations around the world, including the U.S. Navy, is expected to bolster BlackBerry’s end goal of being a global leader in specialized mobile security for large organizations. The purchase is reportedly the most sizable acquisition BlackBerry has completed over the past year as it solidifies its stance in the industry.
Good CEO Christy Wyatt said her company’s operating system and application security will accelerate BlackBerry’s “Internet of Things” platform to expand beyond mobile devices.
“We are excited to join BlackBerry, where together we will be the most comprehensive mobile platform in the market,” she said.
BlackBerry’s purchase of Good will also provide significant savings and is expected to add to the company’s cash flow within the first year, CEO John Chen said. The contract is scheduled to be finalized at the end of the company’s fiscal third quarter in November.
“By combining the two we felt this was probably the deepest and best product set,” Chen said, according to Wall Street Journal.