Pradeo, global leader in mobile fleet and application security enters into exclusive negotiations for the acquisition of Yagaan, an application security software company based in France. Thus, the mobile security leader is strengthening his path towards unifying cybersecurity services by providing comprehensive expertise and solutions in the fast-growing mobile security market.
In 2021, the global mobile security market was valued at $3.96 billion and the global application security market was valued at $6.95 billion, with respective projections of +20.75% and +18.3% CAGR from 2021 to 2028.
Recognized as one of the leaders in its field by the largest international analyst firms and awarded multiple times for the ultra-relevance of its offer, Pradeo wanted to expand its technology with a strategic component dedicated to the testing of applications’ source code.
Pradeo’s objective is to become the sole contact for CISOs, application developers, auditors, device manufacturers and other cybersecurity stakeholders for all issues related to the protection of mobile applications and associated web services, as well as smartphones and tablets.
“With its European roots, Pradeo leverages its sensitivity to data privacy to take a global leadership position. The adoption of Pradeo’s mobile security solutions by Fortune 500 companies is a clear endorsement of its implementation,” said Nicholas J. Baugh, Best Practices Research Analyst at Frost & Sullivan.
Thanks to the acquisition of Yagaan, whose team has conceived and developed code mining, a disruptive technology for auditing applications’ source code, Pradeo is expanding its market share and consolidating its global development. Once again, the company proves its technological lead and can now take pride in mastering the entire mobile security value chain, from the design of mobile applications and associated web services (security by design) to the detection and response to threats targeting mobile devices.
Created in 2017, Yagaan has 10 employees who will join the Pradeo team to bring its staff count to 60. Further hirings are planned by the end of the year to support the company growth. Yagaan teams will remain based in France.
“Europe is fortunate to have a number of extremely successful businesses in its territory. However, each of them has to compete with powerful unified offers, often foreign, which prevail because of their ease of use. European companies need to unify their services by targeting very specific markets to become global champions,” said Clément Saad, Co-founder and CEO of Pradeo.
“We share with Pradeo the same taste for technological excellence and the need to unify cybersecurity solutions. By integrating Yagaan’s expertise and strategic source code auditing technology, Pradeo covers the entire mobile security chain and adds web application security to its portfolio. By forging a common destiny, this move consolidates Pradeo’s leadership and puts us at the forefront of the global cybersecurity market,” added Hervé le Goff, CEO of Yagaan.
The amount of the transaction is not disclosed.