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WASHINGTON, June 28, 2019 (GLOBE NEWSWIRE) -- NowSecure, the leading provider of mobile app security and privacy testing solutions, today announced the close of a $15 million Series B preferred stock financing led by ForgePoint Capital. Proceeds from the financing will be used to fuel further product development and scale business operations.
Mobile apps are at the heart of digital transformation sweeping through enterprises and government agencies helping to drive deeper user engagement, grow revenue and better serve customers. With 4 million apps available in commercial app stores for consumers and millions more built for use by employees and partners, mobile apps are core to the global economy. In fact, the tremendous growth in mobile crossed a major threshold in 2018 where time spent on native mobile apps now exceeds time spent on web apps1. Pressures of market competition and customer demand drive higher volumes of mobile apps and faster release cycles, frequently leaving security and privacy behind as shown by latest industry benchmark research.
“Every business is becoming mobile first; yet millions of people are using apps on a daily basis that have major security and privacy issues. NowSecure is addressing this fundamental, global-scale problem that puts businesses and consumers at direct risk,” said Alan Snyder, CEO, NowSecure. “We’re thrilled to be working with ForgePoint Capital to grow our business and empower mobile app developers to deliver secure mobile apps faster. ForgePoint has the right mix of veteran leadership, industry relationships and successful track record across their security portfolio to support NowSecure.”
“From digital transformation projects to pure mobile businesses driving multi-billion dollar global economies, the stakes have never been higher for mobile security and privacy. NowSecure has the right mix of talented team, unmatched technology and proven track record serving world-class customers,” said J. Alberto Yépez, Co-Founder and Managing Director, ForgePoint Capital. “We are excited to partner with NowSecure to help them grow the business, serving a global enterprise market expected to grow to nearly $1 billion by 20232. As the market leader in automated mobile app security testing, NowSecure is well positioned to accelerate their leadership position addressing a critical gap in this massive growth market.”
The NowSecure Platform delivers fully automated mobile app security and privacy testing with the speed, accuracy, and efficiency necessary for Agile and DevOps environments. NowSecure software is powered by the industry’s most advanced static, dynamic, behavioral and interactive mobile app security and privacy testing solution that runs on real Android and iOS devices. Leveraging the experience of millions of mobile app tests and a high-speed SDLC toolchain plug-in architecture, NowSecure is built to scale to meet the global mobile DevSecOps demand. NowSecure expert services provide comprehensive mobile app pen testing and certification services trusted by leading brands. With the aim of stopping the leakage of sensitive consumer and business data, NowSecure identifies the broadest array of security threats, compliance gaps and privacy issues in mobile apps.
1 Source: Comscore Global Digital Future in Focus, 2018
2 Source IDC: Market Forecast: Worldwide Enterprise Mobile App Security Testing Software Forecast, 2019-2023, March 2019
To that end, NowSecure recently announced the results of a study in which it was discovered that more than 70% of 250 popular Android mobile apps were leaking sensitive personal data such as name, username, email, phone number, geolocation, account numbers, device ID, and device serial numbers. Leaked sensitive business data can also include corporate secrets, intellectual property, and client confidential information. Millions of Android mobile app consumers and businesses may be at risk due to privacy data leakage in top online retail, brick-and-mortar retail, finance, insurance, and travel apps. Testing revealed that 92% of online retail apps, 82% of brick-and-mortar retail apps, 67% of travel apps, and 50% of finance/insurance apps actively leak sensitive consumer data.
Added Snyder, “Consumers need to know that many of the mobile apps that they rely on and use every day are putting them at risk. Businesses need to know that their mobile apps aren’t safe until their major privacy gaps are closed. This is not Google’s or Apple’s fault, nor an issue that they can be expected to address. This is an issue that mobile app developers must address by adhering to basic, secure programming standards and protocols.”
For more information on this research study and the actions that consumers and enterprises should take to address this threat, please visit www.nowsecure.com/go/protectmydata.
Pursuant to ForgePoint’s investment, Alberto Yépez has joined the company’s Board of Directors. NowSecure current investors include Baird Capital, JumpCapital and MATH Venture Partners.
NowSecure is the mobile app security software company trusted by the world’s most demanding organizations. Only the NowSecure Platform delivers fully automated mobile app security and privacy testing with the speed, accuracy, and efficiency necessary for Agile and DevSecOps environments. Through the industry’s most advanced static, dynamic, behavioral and interactive mobile app security testing on real Android and iOS devices, NowSecure identifies the broadest array of security threats, compliance gaps and privacy issues in custom-developed, commercial, and business-critical mobile apps. NowSecure customers can choose automated software on-premises or in the cloud, expert professional penetration testing and managed services, or a combination of all as needed. NowSecure is the fastest path to deeper mobile app security and privacy testing and certification. For more information about NowSecure, visit https://www.nowsecure.com.
About ForgePoint Capital
ForgePoint Capital is a $300 million fund exclusively investing in cybersecurity companies. The firm brings deep industry expertise and a strong network of relationships. ForgePoint’s 52-person Cybersecurity Advisory Council includes industry CEOs, security entrepreneurs, senior information security executives, and former government security leaders. Portfolio companies include 4iQ, Anitian, Appthority (acq. by Symantec), Attivo, Bayshore Networks, BehavioSec, Bishop Fox, CyberCube, ID Experts, IronNet Cybersecurity, LoginRadius, Prevoty (acq. by Imperva), ReversingLabs, Trusted Key, and Uptycs. ForgePoint’s principals have been investing in cybersecurity since 1998 and have made a total of 40 cybersecurity investments.
For more information about ForgePoint Capital, visit https://forgepointcap.com