Blackberry has entered into a US$ 1.4 billion (£1.1 billion) cash deal to acquire Cylance with the intention of using the cyber-security firm’s technology to accelerate Blackberry’s Enterprise of Things (EoT) project.
"We believe adding Cylance’s capabilities to our trusted advantages in privacy, secure mobility, and embedded systems will make BlackBerry Spark indispensable to realising the Enterprise of Things," said Blackberry CEO John Chen.
The deal is expected to close, after all regulatory conditions are met, in February 2019. In addition to the US$ 1.4 billion (£1.1 billion) payment, Blackberry is assuming all of Cylance’s unvested employee incentive compensation.
Cylance will operate as an independent business unit with its CEO Stuart McClure reporting to Chen.
This story was originally published on SC Media US.