Blackberry to buy cyber security firm Cylance for US$ 1.4 bn

REUTERS - Blackberry Ltd said yesterday it will acquire Cylance, an artificial intelligence and cyber security company, for US$1.4 billion in cash to help expand its QNX unit that makes software for next-generation autonomous cars.

Besides the cash component, the deal includes the assumption of Cylance’s unvested employee incentives, Blackberry said.

California-based Cylance develops Ai-based products to prevent cyber attacks on companies and recently considered filing for an IPO, according to a report in Business Insider.

The Canadian technology company, which dominated the smartphone market a decade ago, has shifted to selling software to manage mobile devices in addition to focusing on emerging areas like autonomous cars.

Cylance will operate as a separate business unit within Blackberry, the company said.