BlackBerry sells AI cybersecurity business to Arctic Wolf [Video]

Waterloo, Ont.-based BlackBerry has unloaded its Cylance cybersecurity business in a deal with Arctic Wolf.

Cylance became a signature part of BlackBerry’s efforts to rebrand itself in the cybersecurity space after buying the company six years ago in a US$1.4-billion deal.

On Monday, Arctic Wolf acquired Cylance, which uses artificial intelligence to help users detect malware and prevent cyberattacks, for just $US160 million. The deal also includes about 5.5 million common shares of Arctic Wolf, a privately-held American security software and services company.

“[BlackBerry] is selling it at a significant reduction from what they originally paid for it,” said cybersecurity tech analyst Ritesh Kotak. “The fact that they’re actually getting rid of it from their portfolio and is giving it to another organization makes me think, what is the future of BlackBerry?”

CTV News reached out to BlackBerry to ask that exact question, as well as how the $US160 million …