Good filed for a public stock offering last year, but had yet to move forward with those plans. Instead, it raised $80 million in additional private funding as it weighed whether and when to go public.
Though a significant chunk of change, it's far less than the $1.5 billion that VMware paid to acquire Good rival AirWatch in 2014.
While BlackBerry's software already helped securely manage Android and iOS devices, that has been the focus of Good over the last several years. The two companies plan to bring together their separate server software for managing phones and tablets, BlackBerry said in a blog post.
"By acquiring Good, BlackBerry will better solve one of the biggest struggles for CIOs today, especially those in regulated industries: securely managing devices across any platform," BlackBerry CEO John Chen said in a blog post. "By providing even stronger cross-platform capabilities our customers will not have to compromise on their choice of operating systems, deployment models or any level of privacy and security. Like BlackBerry, Good has a very strong presence in enterprises and governments around the world and, with this transaction, BlackBerry will enhance its sales and distribution capabilities and further grow its enterprise software revenue stream."
The deal is expected to close by the end of BlackBerry's third fiscal quarter of 2016 — which ends in November 2015.