Israeli company Cellebrite (Nasdaq: CLBT), which provides digital investigations solutions to law enforcement agencies, has provided its technology to the FBI in its investigation against Thomas Matthew Crooks, who was shot dead, while trying to assassinate presidential candidate Donald Trump at a rally in Pennsylvania last weekend, "The Washington Post" reports.
Cellebrite develops products that help turn digital data into admissible evidence in court, among other things by retrieving information from phones as well as analyzing and managing the information.
In efforts to understand Crooks's motives for the shooting, FBI investigators were unable to retrieve data from the phone that he took with him to the rally. "The Washington Post" reported that the mobile phone was initially sent to the FBI offices in Pittsburgh, which was unable to access the data, so Cellebrite's technology was then brought into the investigation by the FBI's office in Quantico, Virginia.
"The Washington Post" reported that Crooks's mobile phone was a relatively new model with the latest software that could have taken "hours, weeks or even months" to access. Cellebrite's solution let them crack the phone in just 40 minutes, although there was no evidence of the sniper's motive.
Cellebrite is traded on Nasdaq with a market cap of $2.5 billion, up 39% since the start of 2024. The company listed three years ago through a SPAC merger. Before completing the merger, Cellebrite was criticized by human rights organizations and academics in an open letter to the US Securities and Exchange Commission (SEC), calling for the listing to be prevented because its products could pose a risk to human rights (Cellebrite denied this).
Cellebrite's guidance for the second quarter of 2024 sees revenue of $90-94 million, up 17%-23% from the corresponding quarter of last year and EBITDA up 18%-20% to $16-19 million. The company expects annual revenue of $370-380 million, up 14%-18% from 2023, and EBITDA of $70-80 million, up 19%-21% from 2023.
Published by Globes, Israel business news - en.globes.co.il - on July 17, 2024.
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