Canada’s Blackberry Ltd (NYSE: BB) completed the previously announced $1.4 billion acquisition of Irvine’s Cylance Inc., a provider of Internet security using artificial intelligence.
“Today BlackBerry took a giant step forward toward our goal of being the world's largest and most trusted AI-cybersecurity company," John Chen, Executive Chairman and CEO, BlackBerry, said in a statement. “By adding Cylance's technology to our arsenal of cybersecurity solutions we will help enterprises intelligently connect, protect and build secure endpoints that users can trust."
Stuart McClure, who co-founded Cylance in 2012, will continue with the company as head of the unit. He told the Business Journal that his division, now known as Blackberry Cylance, will continue to operate from its Irvine office and expects to expand its headcount.
Blackberry, which has dumped its once-ubiquitous cell phones to focus on Internet security systems, announced the purchase last November.