After a week ago we reported the possible purchase, BlackBerry confirmed the news.
BlackBerry today announced the acquisition of Cylance, an expert in cyber security and AI, and that its services will be integrated immediately with both UEM and QNX. BlackBerry marks 3 points where the purchase will contribute to it. The cost of the acquisition, according to the publication, is $ 1.4 billion, without a doubt a very significant purchase for the BlackBerry, which has not invested such sums in acquiring companies.
- Next-Generation Machine Learning to Complement Entire BlackBerry Technology Portfolio
- Integrated BlackBerry Solutions to be First to Intelligently Protect Fixed and Mobile Endpoints
- Embeddable AI Technology to Accelerate Development of BlackBerry Spark EoT Platform
See the Tweet About the acquisition,
— BlackBerry (@BlackBerry) November 16, 2018
Read the press release,
WATERLOO, Ont. and IRVINE, Calif. – November 16, 2018 – BlackBerry Limited (NYSE: BB; TSX: BB) today announced it has entered into a definitive agreement to wholly acquire Cylance, an artificial intelligence and cybersecurity leader, for US $1.4 billion in cash, plus the assumption of unvested employee incentive awards. Pending regulatory approvals and other customary closing conditions, the deal is expected to close prior to the end of BlackBerry’s current fiscal year (February 2019).
“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,” 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 realizing the Enterprise of Things.”
According to Gartner in its most recent Internet of Things Backbone Survey: security was cited as the top barrier to IoT success (35%), with privacy concerns (25%), and potential risks and liabilities (25%) also in the top five.
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. The fast-growing company has become a market leader with an advanced and lightweight agent that resides on the endpoint, operates both online and off, and requires a minimum of memory and power to function. Founded in 2012, Cylance generates highly recurring revenue from over 3,500 active enterprise customers, including more than 20% of the Fortune 500.
“Our highly skilled cybersecurity workforce and market leadership in next-generation endpoint solutions will be a perfect fit within BlackBerry where our customers, teams and technologies will gain immediate benefits from BlackBerry’s global reach,” said Stuart McClure, Co-Founder, Chairman, and CEO of Cylance. “We are eager to leverage BlackBerry’s mobility and security strengths to adapt our advanced AI technology to deliver a single platform.”
BlackBerry will also hold a press conference on the subject for investors,
BlackBerry will host an investor conference call beginning at 8:30 a.m. ET, Friday, November 16, 2018. The call can be accessed by dialing (866) 393-4306 and providing Conference ID #2284588, or live streamed on the company’s website at http://ca.blackberry.com/company/investors/events.html.
Read the full press release on BlackBerry site.