BlackBerry in talks to buy venture-backed Cylance: Reuters

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

Irvine, California-based Cylance develops artificial intelligence-based products to prevent cyber attacks on companies and recently considered filing for an initial public offering, according to the report.

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

BlackBerry and Cylance did not immediately respond to requests for comment.

Update: Earlier this year, Cylance raised US$120 million in a financing led by Blackstone Tactical Opportunities.

The company’s other investors include DFJInsight Venture Partners and Khosla Ventures.

(Reporting by Shanti S Nair in Bengaluru; Editing by Shounak Dasgupta)

(This story has been edited by Kirk Falconer, editor of PE HUB Canada)