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.
BlackBerry, which dropped its once-ubiquitous cellphones to focus on internet security systems, announced the purchase last November. The Canadian company is valued at about $4.7 billion.
The deal for Cylance marks one of the largest tech-focused M&A deals in Orange County in several years.
“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 chief executive of 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 co-founded Cylance in 2012. He will continue with the company as president of the Irvine-based unit, now known as BlackBerry Cylance.
McClure “will continue to apply his visionary math-based approach to threat detection, prevention, and response, as well as lead the business’ large team of highly-skilled engineers and data scientists that deliver trusted products and services for more than 4,000 companies around the world,” a company statement said.
McClure told the Business Journal a month ago that his division would continue to operate largely the same from its Irvine office post-sale, and that he expected the fast-growing software company to continue to expand its local headcount, which now stands at around 400 people.
“They are giving us autonomy,” he said.
Cylance products are used to protect more than 15 million internet-capable computer hardware devices for more than 3,500 corporate subscribers, including Dell, Gap Inc. and Panasonic Corp.
The company’s Irvine office is based in the 400 Spectrum Center tower.
— Peter J. Brennan and Chris Casacchia
