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CYREN

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Cyren, Inc.
Company typePublic
Nasdaq: CYRN
TASE: CYRN
IndustryIT Security
Software
Information Technology
Founded1991
Headquarters
U.S. Headquarters in McLean, VA
,
United States
Key people
Brett Jackson (Former CEO)
ProductsWeb security services
RevenueIncrease US$35.9 million[1] (2018)
Number of employees
151 (2023)
SubsidiariesCyren Inc., formerly known as Commtouch Inc. (Delaware)
Cyren Germany GmbH & Co KG formerly known as eleven Gesellschaft zur Entwicklung und Vermarktung von Netzwerktechnologien mbH (Germany)
Cyren GmbH (Germany)
Cyren UK Ltd (United Kingdom)
Cyren Iceland hf formerly known as Commtouch Icelandhf (Iceland)
Websitecyren.com

Cyren Inc. was a cloud-based Internet security technology company that created security services and threat intelligence to businesses. It offered a range of services including web security, DNS security, anti-spam solutions, phishing detection, ransomware protection, URL filtering, malware detection, and botnet attack prevention. Cyren also provided endpoint protection for mobile devices and Internet of Things (IoT) gateways. Major clients included Microsoft, Google, Check Point, Dell, T-Mobile, and Intel. The company announced its closure in February 2023.[2]

At its peak, Cyren employed approximately 220 with headquarters in McLean, Virginia (US), and offices in Herzliya (Israel), Berlin (Germany), Bracknell (UK) and Reykjavík (Iceland). Its common stock was listed on the NASDAQ Stock Exchange under the ticker symbol CYRN. In January 2019, Cyren announced that it was voluntarily delisting from the Tel Aviv Stock Exchange.[3]

Cyren was among the most well-funded cybersecurity firms in the Washington, D.C., metro area[4] according to a 2018 study. In 2018 Cyren made news for its research into phishing trends, particularly the prevalence of Microsoft Office, Office365, and Outlook as the brands most targeted by phishing kits.[5] In the same year, the firm provided primary support to the Icelandic police during their investigation of the largest cyberattack to hit the country.[6][7]

The company estimated that its security cloud currently processes more than 25 billion security transactions generated by over 1.3 billion users[8] in 180 countries to detect cyber threats as they emerge.

Company history

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Commtouch was incorporated as a private company under the laws of the State of Israel on February 10, 1991, by Gideon Mantel, a former officer in a "special bomb-squad unit" for the Israel Defense Forces (IDF).[9] Wired magazine observed that the early company culture at Commtouch encouraged "being a fighter" as their Israeli employees had completed several years of military service.[9]

The Israeli venture capital company Gemini Israel Ventures which was supported by the "Yozma" government program at the time (doubling any investment with government money, see Yitzhak Rabin)[citation needed] made an investment in Commtouch.[10][better source needed]

In 1997, Isabel Maxwell became president of Commtouch.[11] According to Maxwell, she convinced Microsoft co-founder Bill Gates to make an investment in the business.[11] In 1999, Microsoft co-founder Paul Allen also made an investment in Commtouch of $20-million.[12]

Commtouch went public in 1999.[12]

In September 2010, the company acquired the Command Antivirus division of Authentium,[13] and in October 2012, completed the acquisition of the antivirus business FRISK Software International.[14]

In November 2012, it completed the acquisition of Eleven GmbH,[15] which enabled the company to accelerate the delivery of private-label cloud-based security services, specifically designed for OEM and service provider markets.

In January 2014, it received shareholder approval to change its name from the original of "Commtouch" to Cyren Ltd.[16]

On February 1, 2023, the company announced that, due to "current market conditions and associated challenges with raising additional capital, the Company approved a plan to reduce its workforce by approximately 121 employees, representing substantially all of the Company's workforce."[17] This news followed the appointment in mid-January of Jeffrey Dauer as the company's Chief Financial Officer and Chief Accounting Officer.[18]

On February 22, 2023, the company announced that it had ceased operations and commenced insolvency proceedings to liquidate its subsidiaries.[19]

On March 3, 2023, the company's shares were delisted from The Nasdaq Stock Market.[20]

Technology

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Cyren's cloud-based security services are delivered via two platforms: Cyren Cloud Security (CCS)[21] and Threat Intelligence Services (TIS). The CCS SaaS security platform is designed for enterprises and sold either directly or through channel partners. Services include Web Security, Email Security, DNS Security, and Cloud Sandboxing. Cyren TIS offers cloud-based cyber threat detection application program interfaces (APIs), and software development kits (SDKs) to technology and security vendors, including Google and Microsoft. Cyren TIS services include Email Security, Web Security, Endpoint Security, and Advanced Threat Protection. These platforms are powered by Cyren GlobalView, Cyren's global security cloud that analyzes 25 billion security transactions each day to identify emerging threats in real-time.

Recent announcements

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In February 2019, Cyren announced the intent of Lior Samuelson, the chief executive officer and chairman of the board, to step down as CEO.[22][23][24] On April 24, 2019, it was announced Brett Jackson would be taking on the role of CEO.[25]

In January 2019, Cyren announced that it would be voluntarily delisting from the Tel Aviv Stock Exchange (TASE)[26][27] to simplify regulatory filings and concentrate fragmented trading volume onto the Nasdaq exchange. The company's ordinary shares were delisted from trading on the TASE on April 10, 2019. Cyren will continue to maintain its headquarters in Herzliya, Israel, and operate as an Israeli-registered company.

In July 2017, the private equity firm Warburg-Pincus announced it had acquired a 21.3% stake in Cyren for $19.6 million.[28][29][30]

In 2018 and 2019, Cyren Email Security received a first-place gold award in the email security category in the Cybersecurity Excellence Awards, and placed at the top in the anti-malware category in 2017.[31]

See also

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References

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  1. ^ "Cyren Reports Fourth Quarter and Full Year 2018 Financial Results". ir.cyren.com.
  2. ^ AG, EQS Group (February 1, 2023). "Cyren Announces Global Reduction in Force; Liquidity Challenges". Accesswire. Retrieved July 8, 2023.
  3. ^ "Cyren Announces Voluntary Delisting from the Tel Aviv Stock Exchange". Yahoo! Finance. PR Newswire. January 10, 2019.
  4. ^ Sabin, Sam (April 19, 2018). "The 10 Top Funded Cybersecurity Companies in the D.C. Metro Area". DC Into.
  5. ^ Arghire, Ionut (December 21, 2018). "Office 365, Outlook Credentials Most Targeted by Phishing Kits". Security Week.
  6. ^ Ilascu, Ionut (October 12, 2018). "Largest Cyber Attack Against Iceland Driven by Complex Phishing Scheme". Bleeping Computer.
  7. ^ "Iceland hit by Biggest Cyber Attack on Record". PC Risk. October 15, 2018.
  8. ^ Yogesh, Bala (May 31, 2018). "9 Pure Play Cybersecurity Stocks". Security Investing News.
  9. ^ a b Bronson, Po (February 1, 1999). "On The Net, No One Knows You're a Maxwell". Wired. ISSN 1059-1028. Retrieved July 24, 2021.
  10. ^ "Commtouch". Gemini Israel Ventures.
  11. ^ a b "Voyaging around her father, the hi-tech Maxwell". The Guardian. October 8, 2000. Archived from the original on May 8, 2014. Retrieved July 24, 2021.
  12. ^ a b "CommTouch Boosts Number of Shares for IPO". Los Angeles Times. July 1, 1999.
  13. ^ "Commtouch to buy Authentium antivirus unit". Silicon Valley Business Journal. July 27, 2010.
  14. ^ Leyden, John (August 1, 2012). "Commtouch gulps down Icelandic anti-virus pioneer FRISK". The Register.
  15. ^ "Commtouch Acquires eleven GmbH To Accelerate Launch Of Security-As-A-Service Solutions". Dark Reading. November 19, 2012.
  16. ^ Kovacs, Eduard (January 7, 2014). "Commtouch Changes Its Name to CYREN". Softpedia News.
  17. ^ "Cyren Announces Global Reduction in Force; Liquidity Challenges". Cyren, Inc. February 1, 2023.
  18. ^ "Cyren Ltd. Announces Chief Financial Officer Changes". S&P Capital IQ. January 12, 2023.
  19. ^ "Cyren Announces Liquidation". Cyren, Inc. February 22, 2023.
  20. ^ "Cyren Announces Nasdaq Delisting Determination". Cyren, Inc. February 22, 2023.
  21. ^ "Cyren Cloud Security Recognized in Cyber Defense Magazine's Annual Awards". Yahoo! Finance. April 18, 2018.
  22. ^ "Cyren (CYRN) Announces Chairman and CEO Lior Samuelson to Step Down After Transferring Responsibilities to Successor". Street Insider. February 20, 2019.
  23. ^ "Cyren Announces CEO Transition Plan". DC CityBizList. February 20, 2019.
  24. ^ ME Staff 8-k (February 20, 2019). "Cyren Ltd. (NASDAQ:CYRN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers". Market Exclusive.{{cite news}}: CS1 maint: numeric names: authors list (link)
  25. ^ "Press Release | Cyren". ir.cyren.com. Retrieved October 20, 2019.
  26. ^ "Cyren Announces Voluntary Delisting from the Tel Aviv Stock Exchange". Yahoo! Finance. January 10, 2019.
  27. ^ "Cyren Announces Voluntary Delisting from the Tel Aviv Stock Exchange". Financial Content. January 10, 2019.
  28. ^ "BRIEF-Cyren announces strategic investment from Warburg Pincus Funds". Reuters. November 6, 2017.
  29. ^ "CYREN (CYRN) Announces Warburg Pincus Funds Acquired 10.6M Shares, or 21.3% Stake; May Raise Stake Up to 75%". Street Insider. November 6, 2017.
  30. ^ Reich, Dror (July 11, 2017). "Warburg Pincus Buys Stake in Email Protection Company Cyren". CTech.
  31. ^ "Cyren Email Security Wins Top Honors In Cybersecurity Excellence Awards". MarketWatch. February 25, 2019.
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