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BlackBerry to buy cybersecurity company Cylance for US$1.4 billion

WATERLOO, Ont. — Blackberry Ltd. has announced it is acquiring an artificial intelligence and cybersecurity company for US$1.4 billion cash.

Blackberry says pending regulatory approvals and closing conditions, the deal to acquire California-based Cylance is expected to close before the end of the fiscal year in February 2019.

The company says the deal also includes the assumption of Cylance’s unvested employee incentives.

Blackberry says Cylance is a pioneer in applying artificial intelligence, algorithmic science and machine learning to cybersecurity software.

Cylance will operate as a separate business unit within BlackBerry.

 

Companies in this story: (TSX:BB)

The Canadian Press