Cloud software maker VMware Inc said it would purchase privately held mobile security company AirWatch in a deal valued at about $1.54 billion to tap into rising demand for software security.Mobile security products are in high demand as companies increasingly allow employees to use their own smartphones and tablets for business.Atlanta-based AirWatch, whose rivals include Cytrix, MobileIron and FrontRange, says it has more than 10,000 customers including United Airline, Renault , and nine of top 10 U.S. retailers."With mobile device usage becoming more prevalent in the workplace, we believe this acquisition will prove strategic in complementing and enhancing VMware's end-user computing business," ISI Group analyst Brian Marshall said in a note.
VMware, Inc. is the provider of virtualization infrastructure solutions utilized by organizations to help transform the way they build, deliver and consume information technology (IT) resources. Shares of VMW traded higher by 2.04% or $1.99/share to $99.35. In the past year, the shares have traded as low as $64.86 and as high as $101.52. On average, 2113660 shares of VMW exchange hands on a given day and today's volume is recorded at 2048961.
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