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McAfee To Acquire Phone Backup & Security Co WaveSecure; One97 Exits

Digital security major McAfee has reached an agreement to acquire tenCube, which provides WaveSecure mobile security and phone backup services. The acquisition is expected to expected to close by August 30th 2010, and the financial details of the deal have not been disclosed. WaveSecure has around 26 employees and contractors, and is deployed for over 500,000 users, in partnership with Singapore Telecom and Nokia India. This acquisition comes just five months after mobile VAS company One97 Communications took a minority stake in WaveSecure - for below Rs. 10 crore, for less than 25 percent stake. WaveSecure had only been recently moved to the One97 Mobility Fund, so this is its first exit. Speaking with MediaNama, One97 Communications MD Vijay Shekhar Sharma said that he doesn't view this as an exit, saying that "The decision was taken by the TenCube founding team, and we were supportive of the decision. Security on mobile phones is a hot area and WaveSecure is a product that can't be replicated in a couple of months." But wasn't the sale too soon? "The right timing is as important as the right product, " he says. Sharma adds that the company made "many 3-digits percentage" in returns over and above their investment. As a business, One97 will continue to deploy the product in India. This is the second instance in recent times, of an Indian Mobile VAS company exiting a company it had invested/incubated: OnMobile Global, last year, had sold stake in Ver Se Innovations, a company which…

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Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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