Apple CEO Tim Cook. Photo credit: Apple

Apple has reached a deal to acquire Fleetsmith, a San Francisco-based mobile device management (MDM) startup that’s backed by the likes of Menlo Ventures, Tiger Global, and Index Ventures. Financial terms of the acquisition weren’t disclosed. Fleetsmith is known to have raised more than $40 million in funding since its inception. The company, which develops software that helps enterprises manage their Apple devices, formally launched in 2016.

Apple has a burgeoning ‘Services’ business and is apparently acquiring Fleetsmith to help facilitate the budge. In 2019, Apple posted a whopping $46 billion in revenues from services alone. That figure was double revenues from the segment three years before. In the first quarter of this year, Apple’s services revenue reached an all-time high of $13.3 billion.

Fleetsmith is known to have about 30 employees in total. Although the price Apple is paying for Fleetsmith isn’t disclosed, one can assume it’ll be enough to reap good returns for 30 persons.