GRO became majority investor in Promon, the leading provider of application shielding software, in January 2022.
Application security is becoming increasingly important to end users and companies alike, and the market is poised for rapid growth.
60% of the world’s most-used finance apps are vulnerable to malware attacks and 50% of apps with more than 5 million downloads include a security flaw. As for applications, comparable vulnerabilities exist on operating systems. In 2021 alone, more than 58 zero-day exploits were discovered on Android systems, highlighting significant security gaps on devices that are used by billions across the globe.
60% of the world’s most-used finance apps are vulnerable to malware attacks
The average person spends approximately 4 hours per day online on their mobile device(s). Of that time, 88% is spent on apps. It has therefore become critical for companies to offer custom applications as an extension of their “mobile first” strategy, which has accelerated the availability and adoption of apps. On average, over 100,000 new Android/iOS apps are released in the Google Play/Apple App Store each month and the majority of end-users now have more than 80 apps installed on their smartphones. This provides companies, end users and, in turn, cybercriminals with access to large volumes of sensitive data at the touch of a button.
Taking into account today’s application security blind spots, as well as the ever-increasing threat landscape driven by increasingly sophisticated malware attacks and application tampering, the need for application security has never been higher.
Oslo-based Promon stands at the center of navigating the proliferation of apps and protecting exposed sensitive data. Since 2006, Promon has been a pioneer and thought leader in the application security market. The company’s security software, Promon SHIELD™, is built on cutting-edge research originating from the internationally recognized research environments at SINTEF and the University of Oslo. It provides next-gen application protection and shielding to safeguard applications from security threats, both at rest and during runtime.
Promon’s software is validated by a global portfolio of blue-chip customers and strategy partners and addresses a multitude of verticals. Its next-gen SDK can be deployed within a matter of hours and is currently live on over 500 million devices.
Promon’s next-gen SDK can be deployed within a matter of hours and is currently live on over 500 million devices.
Since its inception, Promon has undergone significant growth. GRO partnered with Promon at an important point, when the company began gearing up to meet the rapidly accelerating demand for application security solutions in response to an increasing threat level and awareness. Drawing on our deep B2B software experience, operational insights, and efficient scaling designs, we are working with the Promon management team to scale its commercial organization, product innovation and marketing efforts fueling growth and cementing Promon’s industry leadership position.
We are confident that Promon will continue to set the industry standard for best-in-class application security software. Promon SHIELD™ plays a vital role in protecting the sensitive information of companies and end users everywhere, allowing people to safely share the data that matters most.
We are dedicated to uncovering the full potential of software, and we believe that it can only be achieved through collaboration. Together, we unleash the power of software.
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