California-based Cylance is a pioneer in applying artificial intelligence, algorithmic science, and machine learning to cybersecurity software
BlackBerry Limited has entered into a definitive agreement to wholly acquire Cylance, an artificial intelligence and cybersecurity company, for US $1.4 billion in cash.
The deal includes the assumption of Cylance’s unvested employee incentive awards, BlackBerry said.
Though regulatory approvals and other customary closing conditions are pending, the deal is expected to close by February 2019.
Cylance will operate as a separate business unit within BlackBerry Limited, the company said.
Cylance to complement entire BlackBerry technology portfolio
The acquisition will help the Canadian technology company expand its QNX unit that makes software for next-generation autonomous cars.
“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,” Chen added.
Founded in 2012, California-based Cylance is a pioneer in applying artificial intelligence, algorithmic science, and machine learning to cybersecurity software.
“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.
Research firm Gartner in its most recent Internet of Things Backbone Survey cited security as the top barrier to IoT success (35%). Privacy concerns (25%) and potential risks and liabilities (25%) were listed in the top five.