Canadian company BlackBerry said on Friday it is acquiring an AI and cybersecurity company Cylance in an all-cash worth $1.4 billion.
Other than the cash part, the deal incorporates the assumption of Cylance’s unvested employee incentives, BlackBerry said.
Business Insider reported that an arrangement was close a week ago, and that has demonstrated validity with BlackBerry deal everything in cash up front. The acquisition is BlackBerry’s biggest ever and it is set to close before February 2019 — the end of the BlackBerry’s present financial year. The organization intends to integrate Cylance technology with its Spark platform later on.
Established in 2012 by CEO Stuart McClure an entrepreneur who sold a previous cybersecurity firm to McAfee for $86 million in 2004 Irvine, California-based Cylance is an endpoint protection platform designed to obstruct advanced threats usingartificial intelligence (AI). Its suite of security protocol assesses systems for weaknesses and close them down whenever distinguished, and it doesn’t require a “signature” from a current threat to block it — it can spot new threat.
The company had raised a heavy $300 million since its origin, including a $120 million chunk a couple of months back, and it additionally as of late ventured into the customer advertise.
“Cylance’s leadership in artificial intelligence and cybersecurity will immediately complement our entire portfolio, UEM and QNX in particular. We are very excited to onboard their team and leverage our newly combined expertise.
We believe adding Cylance’s capabilities to our trusted advantages in privacy, secure mobility, and embedded systems will make BlackBerry Spark indispensable to realizing the Enterprise of Things,” said BlackBerry CEO John Chen in a statement.
Cylance will keep on working as a separate business unit after the deal closes, BlackBerry said. The deal is expected to close by Feb 2019.