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Steven Mnuchin’s fund buys major stake

Liberty Strategic Capital, a Washington D.C.-based private equity fund founded by former U.S. Treasury Secretary Steven Mnuchin, has acquired a controlling stake in enterprise security firm Zimperium for $525 million. The deal is Liberty Strategic Capital’s first majority stake acquisition since its launch last year. It has also led late-stage funding rounds in cybersecurity firms BlueVoyant and Cybereason.

SoftBank Corp has been an investor in Zimperium since 2017, will continue as a minority owner. Founded in 2010, Zimperium provides mobile security solutions for iOS, Android, and Chromebooks devices. It serves enterprises across industries, including financial services and healthcare, counting JPMorgan Chase and the U.S. Department of Defense as its customers. The Dallas, Texas-headquartered firm has raised over $100 million in equity and debt financing from investors including Warburg Pincus. This is according to PitchBook data.

The business has been growing during the pandemic. The company said that its annual recurring revenue expanding 53% last year. Shridhar Mittal, chief executive at Zimperium said that it is been a big tailwind for them because as workers are starting to work more from home, they are starting to do more of their work on mobile devices. Mnuchin, a former Goldman Sachs executive who served as Treasury Secretary during the Trump administration, will chair Zimperium’s board of directors.

Mnuchin raised $2.5 billion for Liberty Strategic Capital last year. He said he did not invest in former President Donald Trump’s new media venture Trump Media & Technology Group, but signed up for the wait list for the Truth Social app it launched in beta version last month. TMTG is still in the process of going public through merging with Digital World Acquisition Corp since the deal was announced in October.

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