Relay has said that the acquisition of the Toronto-based firm will “fortify its critical pandemic device deployments” during COVID-19 and beyond.
According to a statement, Cybeats will become a subsidiary of Relay as a result of the deal, with the latter integrating the former’s technology and intellectual property.
The Cybeats platform defends IoT devices from cyber-attacks in critical facilities such as airports, hospitals, power plants and water treatment facilities. The company’s solutions are also designed for use with consumer devices. The global market for IoT security is projected to grow at 31.2 per cent to more than $73bn by 2026
As part of the acquisition, Cybeats co-founder and chief executive Dmitry Raidman will become Relay’s chief technology officer. He said: "We are at a major inflection point of the IoT security market following the events in 2020, and with respect to regulations and standards that have been proposed in North America and Europe. Device equipment manufacturers companies (OEMs) require a different scale and approach. Integrating Cybeats’ device security technology [with Relay] will help to support the required scale.”
Once the deal closes, Relay will acquire all of the issued and outstanding shares of Cybeats for an aggregate purchase price of $7.18m in a shares and cash agreement.
