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BlackBerry to buy cybersecurity firm Cylance for $1.4 billion

Key Points
  • BlackBerry said on Friday it will acquire Cylance, an artificial intelligence and cybersecurity company, for $1.4 billion in cash.
  • The acquisitions will help expand BlackBerry's QNX unit, which makes software for next-generation autonomous cars.
  • Besides the cash component, the deal includes the assumption of Cylance's unvested employee incentives, BlackBerry said.
John Chen, chief executive officer of BlackBerry Ltd., holds the BlackBerry Priv smartphone.
SeongJoon Cho | Bloomberg | Getty Images

BlackBerry said on Friday it will acquire Cylance, an artificial intelligence and cybersecurity company, for $1.4 billion in cash to help expand its QNX unit which 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 cyberattacks 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.

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Key Points
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