BlackBerry in talks to buy cybersecurity company Cylance: Report

Irvine, California-based Cylance develops AI-based products to prevent cyberattacks on companies and recently considered filing for an IPO

A deal could be announced as soon as next week (REUTERS)

BlackBerry Ltd is in talks to buy cybersecurity company Cylance Inc for as much as $1.5 billion, Business Insider reported on Friday, citing sources familiar with the matter.

Irvine, California-based Cylance develops AI-based products to prevent cyberattacks on companies and recently considered filing for an IPO, according to the report. The company recently raised about $327 million in venture capital. The startup competes with cyber security companies such as CrowdStrike which is estimated to be worth $3 billion.

A deal could be announced as soon as next week, Business Insider reported citing sources, who cautioned the deal could still fall apart.

After exiting the hardware business, BlackBerry has been focusing on its security and software products. Earlier this year, BlackBerry partnered with Microsoft to provide security to its productivity apps on mobile phones.

"We saw a need for a hyper-secure way for our customers to use native Office 365 mobile apps. BlackBerry Enterprise 'BRIDGE' addresses this and is an example of how BlackBerry and Microsoft continue to securely enable workforces to be highly productive in connected world," Carl Wiese, President of Global Sales at BlackBerry had said.

(With inputs from HT Correspondent)