BlackBerry signs $1.4bn AI cybersecurity deal

  • BlackBerry signs $1.4bn AI cybersecurity deal

BlackBerry signs $1.4bn AI cybersecurity deal

Looking ahead, BlackBerry said that it plans on integrating Cylance into its company as a standalone business unit. The company has raised almost $300 million and was said to be a close to an initial public offering when BlackBerry swooped in.

BlackBerry, once a prominent name in mobile hardware, had to find a new niche in the technology industry after the smartphone made its mobile devices antiquated technology.

"This is the largest acquisition in BlackBerry's history", said John Chen, executive chairman and CEO of the company, during a conference call.

Cylance is a pioneer in applying artificial intelligence, algorithmic science, and machine learnign to cybersecurity software that has proven highly effective and predicting and preventing known and unknown threats to fixed endpoints.

The Canadian technology organization, which commanded the smartphone showcase 10 years prior, has moved to pitching programming to oversee smartphones, and in addition rising territories like autonomous cars. Cylance is having around more than 3500+ active enterprise customers, which has been considering filing for a stock market floatation according to a report which has been revealed.

BlackBerry, based in Waterloo, Ontario, said the acquisition of Cylance would enable it to add artificial intelligence capabilities to its existing software products. "We ar eager to leverage BlackBerry's mobility and security strengths to adapt our advanced AI technology to deliver a single platform". The company software resides mainly on these devices and is merely created to work even when they are not connected to a network and without consuming much more power.

Cylance uses the Machine Learning to preempt security breaches before they occur.

The all-cash deal is set to complete early next year, with BlackBerry saying that it expects Cylance to operate as a separate business unit within the company. In their press release, Blackberry talks about Spark, their platform that operates in the EoT (Enterprise of Things) market; such as automobiles where reliability and security are the most important features of a platform.

Update: Founded in 2012, Cylance secured more than US$280 million from venture capital funds, according to Refinitiv data.