Cyren sells email gateway for 10m

Nasdaq Photo: Shutterstock
Nasdaq Photo: Shutterstock

The Israeli cybersecurity company will focus on its anti-phishing solution and core threat intelligence services.

Israeli inbox security and threat intelligence solutions company Cyren (Nasdaq: CYRN) today announced that it had entered into an agreement to sell its secure email gateway business to Content Services Group GmbH for €10 million in cash. Cyren said that the sale would allow it to focus on its strategic growth opportunities to deliver optimal value to its customers and shareholders.

In recent weeks, the Herzliya-based cybersecurity company has seen its share price on Nasdaq's secondary market fall by 75%., although news of the sale pushed it back up 30.3% to $2.32, giving a market cap of $18 million.

Cyren CEO Brett Jackson said, "This transaction is fully aligned with our strategy to focus our efforts and resources on products and market opportunities that we believe offer the best growth opportunities for Cyren. The proceeds from this transaction will strengthen our balance sheet, allow us to fund additional growth-related investments and streamline our product line and overall business. We believe that Content Services Group is a good strategic fit for this business, will be a good home for our team members associated with the business, and is committed to continuing to support the products and customers."

Cyren will use the fund from the sale to expand its marketing activities relating to its anti-phishing solution, Cyren Inbox Security, and its core threat intelligence services. Orders for these products have been growing in recent quarters and Cyren plans investing in these products.

Published by Globes, Israel business news - en.globes.co.il - on June 8, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

 
Nasdaq Photo: Shutterstock
Nasdaq Photo: Shutterstock
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