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*NEWS: Cylance Acquired By BlackBerry For $1.4 Billion

This article was first published this morning by SoCal Tech, with whom OCSN has a partnership with:

Irvine-based cybersecurity software developer Cylance has been acquired by BlackBerry, in a deal worth $1.4 billion in cash, BlackBerry announced this morning.

Cylance, develops artificial intelligence-based cybersecurity software, which detects and reacts to cybersecurity threats.

It was co-founded and is led by Chairman and CEO Stuart McClure.

The company was founded in 2012 and was venture-backed by Blackstone Tactical Opportunities, Dell Technologies Capital, Citi Ventures, and Insight Venture Partners, among others. Although BlackBerry did not discuss Cylance’s current revenue, Cylance had said in June that it expected $130 million in annual revenues for its fiscal 2018 year.

BlackBerry said it expects Cylance to operate as a separate business unit within BlackBerry Limited. In addition, BlackBerry said that it will accelerate development of its BlackBerry Spark EoT platform by using Cylance’s embeddable AI technology; BlackBerry Spark is a secure communications technology that BlackBerry has been creating which incorporates encryption and security features, for what it calls a “chip-to-edge” communications platform.

About The Author

Deirdre Newman is a veteran journalist, who's covered OC startups for two-plus years.

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