- Relay Medical (RELA) has acquired Cybeats Technologies, an IoT cybersecurity firm
- Cybeats delivers an integrated security platform designed to secure and protect high-valued connected devices
- Relay paid C$7,180,000 for all of Cybeats’ issued and outstanding shares
- Cybeats is now a wholly-owned subsidiary of Relay Medical
- Relay Medical is focused on novel technologies in the diagnostics and AI data science sectors
- Relay Medical (RELA) is down 4.69 per cent and is currently trading at C$0.61 per share
Relay Medical (RELA) has acquired Cybeats Technologies, an IoT cybersecurity firm.
Relay paid C$7,180,000 for all of Cybeats’ issued and outstanding shares. The company paid C$500,000 in cash and issued 9,311,475 of its common shares at C$0.61 per share.
As part of the transaction, Relay acquires Cybeats’ technologies, intellectual property and trade secrets, and Cybeats becomes a wholly-owned subsidiary of the company.
Cybeats delivers an integrated security platform designed to secure and protect high-valued connected devices. It provides unique protection for companies in industries that handle critical infrastructure like aerospace, automotive, government and healthcare.
Cybeats’ competitive advantage is the unique microagent protection it provides without affecting a device’s normal operations. The microagent also enables visibility from within the device, continuously maintaining software and monitoring it for malicious attacks.
Yoav Raiter, Relay Medical’s CEO, commented,
“The IDC report predicts there to be over 55 billion connected devices by 2025. The global IoT market is growing in an unprecedented way, which has left a crucial delta in the cybersecurity of over 20 billion devices worldwide. With this acquisition I believe we are well prepared to address this opportunity, as we already have the first-hand experience of applying the value proposition to our own devices.”
Dmitry Raidman, Cybeats’ CTO, stated,
“Connected devices became a lucrative target for attackers. The transition to working from home and the dependency on smart and remote functionality required for controlling various systems only worsens the problem. This is the main reason we started Cybeats back in 2016. While we are facing a huge opportunity in a highly expanding market, it is important to make the world safer and more secure for future generations.”
Relay plans to target several connected devices OEM and ODM companies in the medical, critical infrastructure, oil & gas, aerospace and energy sectors.
Relay Medical is focused on novel technologies in the diagnostics and AI data science sectors.
Relay Medical (RELA) is down 4.69 per cent and is currently trading at C$0.61 per share as of 1:00 pm ET.
