Thursday, 13 December, 2018

BlackBerry Scoops Up Cybersecurity Company Cylance For $1.4B (NYSE:BB)

Cylance process BlackBerry to buy cybersecurity company Cylance for $1.4 billion US
Sandy Mccarthy | 18 November, 2018, 12:57

BlackBerry expects that after the anticipated close of the transaction, Cylance will operate as a separate business unit within BlackBerry Limited. The company has raised almost $300 million and was said to be a close to an initial public offering when BlackBerry swooped in.

BlackBerry has announced it will acquire Cylance, an artificial intelligence and cybersecurity company, for $1.4bn (£1.1bn) as part of efforts to expand its autonomous auto software unit QNX. But BlackBerry said it will quickly fold the company's technology into its QNX unit, which makes software for autonomous vehicles.

According to BlackBerry CEO and executive chairman John Chen, the purchase will allow the smartphone-cum-mobile security vendor to get its security solutions onto the phones of Cylance customers, while building out its channel trough Cylance's 100 percent channel model.

Cylance is a pioneer in applying artificial intelligence, algorithmic science, and machine learning to cybersecurity software that has proven highly effective at predicting and preventing known and unknown threats to fixed endpoints.

Blackberry was once the darling of the smartphone world, dominating the industry for years.

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The California based company Chief Executive Stuart McClure, in turn, said that it would be able to leverage the BlackBerry strengthen in the mobile communications and security to adapt its Artificial intelligence technology.

"We have 120 million cars using BlackBerry technology, in particular QNX", Chen said on a conference call. Most of their revenue came from enterprise software and services, technology solutions, and licensing and IP with 88, 49, and 56 million dollars for each division respectively.

The deal is expected to close by February, before the end of BlackBerry's fiscal year, the Waterloo, Ontario-based company said in a statement on Friday.

The firm has more than 3,500 active enterprise customers, including governments and more than 20 per cent of the Fortune 500.

Privately owned Cylance uses machine learning to preempt security breach before they occur. With Gartner citing security as the top barrier to successful internet of things (IoT) implementation, BlackBerry aims to improve its offering to enable the enterprise of things (EoT).

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