BlackBerry to buy California-based cyber-security firm for $1.4bn

18 November, 2018, 20:06 | Author: Sammy Rose
  • BlackBerry to buy California-based cyber-security firm for $1.4bn

In a statement on Friday, BlackBerry said that it will pay $1.4 billion in cash for Cylance, plus an undisclosed amount for employee incentives that haven't yet vested.

Privately owned Cylance's software will complement BlackBerry's software as it uses machine learning to preempt security breaches.

The deal is the largest acquisition BlackBerry has made and is expected to close in February 2019.

The Canadian technology company, which dominated the smartphone market a decade ago, has shifted to selling software to manage mobile devices in addition to focusing on emerging areas like autonomous cars.

Cylance co-founder, chairman and CEO Stuart McClure noted that the security vendor has been a 100 percent channel company "since day one" and that today's news will give its partners the opportunity to sell "even more and sell deeper and sell broader".

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"Our highly skilled cybersecurity workforce and market leadership in next-generation endpoint solutions will be a flawless fit within BlackBerry where our customers, teams and technologies will gain immediate benefits from BlackBerry's global reach", McClure wrote in a statement. Cylance's advanced and lightweight agent resides on the endpoint, operates both online and off, and requires very little memory and power to function.

Exclusive Cylance utilizes machine figuring out how to acquire security breaks before they happen.

The company now has around 3,500 active enterprise customers, including more than 20 per cent of the Fortune 500, giving BlackBerry access to more top-end organisations across the business world. The Canadian company also recently launched BlackBerry Spark, a platform created to provide "kernel to edge" security for Internet of Things devices used by enterprises.

"BlackBerry, out of necessity, has had to make a pretty big pivot to something other than their legacy mobile device business, and a big part of that something is their Spark platform for embedded systems", he said. US- listed offers of Blackberry were insignificantly up in light pre-market trading.

BlackBerry Spark enables organizations to comply with stringent multi-national regulatory requirements, and leverages 256-bit encryption to ensure that data is always protected.

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