BlackBerry buys AI cybersecurity outfit Cylance
BlackBerry New AI Cybersecurity Outfit Cylance
BlackBerry has confirmed it’s buying AI cybersecurity specialist Cylance for $1.4bn ( which is around £1.1bn).
McAfee/Intel duo Stuart McClure and Ryan Permeh founded Cylance in the year 2012 by former. Stated on its website, the Californian firm boasts that it’s “revolutionizing cybersecurity” with AI-based solutions that predict and prevent the execution of advanced threats and malware at the endpoint.
However, the Firm has already existing 3,500 enterprise customers, including governments and more than 20 percent of the Fortune 500.
The Company’s acquisition of the Cylance, which is the largest in the company’s history, will see it doubling-down on its cybersecurity efforts; the firm says it plans to leverage Cylance to bolster its Spark Enterprise of Things (EoT) platform and more specifically its UEM and QNX products
“We believe adding Cylance’s capabilities to our trusted advantages in privacy, secure mobility, and embedded systems will make BlackBerry’s Spark indispensable to realizing the Enterprise of Things.”
Stuart McClure, co-founder, and CEO of Cylance added:
“Our highly skilled cybersecurity workforce and market leadership in next-generation endpoint solutions will be a perfect fit within our Company where our customers, teams, and technologies will gain immediate benefits from BlackBerry’s global reach.
“We are eager to leverage BlackBerry’s mobility and security strengths to adapt our advanced AI technology to deliver a single platform.”
The deal, which is pending regulatory approvals, consists of $1.4bn in cash, plus any unvested employee incentive awards. It is set to close before the end of BlackBerry’s current financial year in February 2019. µ