BlackBerry Ltd plans to acquire rival mobile software provider Good Technology for $425 million in cash, the Canadian smartphone company said on Friday, September 4, boosting its ability to help companies manage smartphones that run any operating system, Reuters reports.

BlackBerry said it expects to realize about $160 million in revenue from the acquisition in the first year once the deal closes.

Waterloo, Ontario-based BlackBerry pioneered smartphones, but after losing ground to Apple Inc and Samsung electronics Co, the company is shifting its focus to providing software and services for enterprise customers.

"We are in an incredibly competitive market and speak to many of the same customers. What has been clear throughout has been that Good and BlackBerry share similar philosophies," said Good Chief Executive Christy Wyatt in an interview posted on BlackBerry's news site on Friday, according to Reuters.

J.P. Morgan Securities LLC and Bank of America Merrill Lynch advised Good on the deal, BlackBerry said.

The company said it expects the deal to close late in its fiscal third quarter, which runs through late November.

BlackBerry's U.S.-listed shares were up 3 percent at $7.68 in premarket trading.