Feb. 10 (Bloomberg) -- MobileIron Inc., whose software helps companies protect data that employees access on smartphones, is working with banks including Goldman Sachs Group Inc. as it prepares for an initial public offering, people with knowledge of the matter said.
Morgan Stanley, Deutsche Bank AG and Barclays Plc are also working on the IPO, said the people, asking not to be named because the information is private. MobileIron plans to raise about $150 million in the IPO, for a valuation of $1 billion to $2 billion, the people said.
Demand for software that manages data on a variety of mobile devices is growing as employees bring smartphones and tablets from Apple Inc. to Google Inc. into the workplace, instead of relying on company-issued devices made by BlackBerry Ltd. MobileIron’s biggest competitor, AirWatch LLC, agreed to be acquired last month by VMware Inc. for $1.54 billion.
Sales of mobile-device management, or MDM, software could reach $1.6 billion this year, compared with $784 million in 2012, according to forecasts by researcher Gartner Inc. Alvaro Monserrat, a vice president at Citrix, said at a conference in December that the company’s primary competition in the MDM market is coming from MobileIron and AirWatch, “who are being very aggressive on price.”
“We don’t have anything to share at this time,” Clarissa Horowitz, senior director of communications at Mountain View, California-based MobileIron, said by e-mail about plans for an IPO. Spokesmen for Goldman Sachs, Morgan Stanley, Deutsche Bank and Barclays declined to comment on the MobileIron IPO.
MobileIron, founded in 2007, has raised about $150 million from venture investors including Sequoia Capital, Norwest Venture Partners, Foundation Capital and Institutional Venture Partners.
To contact the editor responsible for this story: Mohammed Hadi at email@example.com