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BlackBerry handset manufacturer, Research In Motion Limited (BBRY - Analyst Report), also known less formally as, simply, BlackBerry, has announced the launch of a new security solution known as Secure Work Space. This solution is available for devices running on Apple Inc.’s (AAPL - Analyst Report) iOS and Google Inc.’s Android operating system (OS).

Secure Work Space is based on BlackBerry Enterprise Service 10 that segregates personal and professional data and applications on Apple and Android devices. It also allows enterprise customers to maintain their BYOD (Bring Your Own Device) policy by safeguarding professional data at a minimal cost.

Secure Work Space provides the same device server and network level security available in BlackBerry smartphones and extends its capability for data-at-rest and data-in-transit to iOS and Android devices. The new security solution will allow iOS and Android users to get contact details, access integrated emails along with attachment viewing.

The BlackBerry Enterprise Service 10 server can be downloaded free of cost but the annual client access license for Secure Work Space will be available at $99 per year per device.

According to Forrester Research Inc., 200 million employees will bring their own devices to office by 2016. As more number of employees brings their devices in office the need to secure their devices will grow. This, in turn, will boost the demand for security solution. Additionally, Secure Work Space eliminates the effort and expenses of enterprise customers to configure its own VPN (Virtual Private Infrastructure) infrastructure.

BlackBerry reported a disappointing financial result for the first quarter of fiscal 2014, where both the top line and the bottom line significantly fell below the Zacks Consensus Estimate. BlackBerry sold only 6.8 million smartphones as neither BB10 nor BB7 has performed well.

We believe offering Secure Work Space to iOS and Android devices will not only extend the reach of BlackBerry’s security service but will also act as a steady source of income.  Furthermore, the expansion of BlackBerry’s new security solution will allow BlackBerry to compensate its declining handset business.

Research In Motion currently carries a Zacks Rank #3 (Hold). Among the other companies in the industry, Ubiquiti Networks Inc. (UBNT - Analyst Report) with a Zacks Rank #1 (Strong Buy) is worth considering.

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