Comments
BlackBerry has entered into a definitive agreement to acquire Cylance, an artificial intelligence and cybersecurity provider, for $1.4 billion in cash. The acquisition, which is the largest for BlackBerry, also includes assumption of unvested employee incentive awards.
The deal is expected to close prior to the end of BlackBerry’s current fiscal year (February 2019), the company said in a statement.
“Cylance’s leadership in artificial intelligence and cybersecurity will immediately complement our entire portfolio, Unified Endpoint Manage (UEM) and QNX (a software primarily used in automotive infotainment systems) in particular,” said John Chen, Executive Chairman and CEO of BlackBerry.
“We believe adding Cylance’s capabilities to our trusted advantages in privacy, secure mobility, and embedded systems will make BlackBerry Spark indispensable to realising the Enterprise of Things,” he added.
Cylance is into 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.
Founded in 2012, Cylance generates revenue from over 3,500 active enterprise customers, including more than 20 per cent of the Fortune 500. BlackBerry expects that after the anticipated close of the transaction, Cylance will operate as a separate business unit within its fold.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.