CYREN

Last updated

Cyren, Inc.
Company type Public
Nasdaq: CYRN
TASE:  CYRN
Industry IT Security
Software
Information Technology
Founded1991;33 years ago (1991)
Headquarters
U.S. Headquarters in McLean, Virginia
,
United States
Key people
Brett Jackson (former CEO)
ProductsWeb security services
RevenueIncrease2.svg US$35.9 million [1] (2018)
Number of employees
151 (2023)
Subsidiaries Cyren 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)
Website cyren.com

Cyren Inc. was a cloud-based Internet security technology company that provided security services and threat intelligence services 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]

Contents

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

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

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

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

Related Research Articles

<span class="mw-page-title-main">Tel Aviv Stock Exchange</span> Stock exchange located in Tel Aviv, Israel

The Tel Aviv Stock Exchange, colloquially known as The Bursa, is the only public stock exchange in Israel and a public company itself, listed on its own exchange since August 1, 2019. It is regulated by the Securities Law (1968) and is under the direct supervision of the Israel Securities Authority (ISA).

<span class="mw-page-title-main">Trend Micro</span> Japanese multinational cyber security company

Trend Micro Inc. is an American-Japanese cyber security software company. The company has globally dispersed R&D in 16 locations across every continent excluding Antarctica. The company develops enterprise security software for servers, containers, & cloud computing environments, networks, and end points. Its cloud and virtualization security products provide automated security for customers of VMware, Amazon AWS, Microsoft Azure, and Google Cloud Platform.

Barracuda Networks, Inc. is a company providing security, networking and storage products based on network appliances and cloud services.

<span class="mw-page-title-main">Allot Ltd.</span>

Allot Ltd., formerly Allot Communications, is an Israeli high-tech company that develops telecommunications software. The company is headquartered in Hod Hasharon, Israel.

<span class="mw-page-title-main">Radware</span>

Radware Ltd. is an American provider of cybersecurity and application delivery products for physical, cloud and software-defined data centers. Radware's corporate headquarters are located in Mahwah, New Jersey. The company also has offices in Europe, Africa and Asia Pacific regions. The company's global headquarters is in Israel. Radware is a member of the Rad Group of companies and its shares are traded on NASDAQ.

FRISK Software International was an Icelandic software company that developed F-Prot antivirus and F-Prot AVES antivirus and anti-spam service. The company was founded in 1993. It was acquired by Cyren in 2012.

Webroot Inc. is an American privately-held cybersecurity software company that provides Internet security for consumers and businesses. The company was founded in Boulder, Colorado, US, and is now headquartered in Broomfield, Colorado, and has US operations in San Mateo and San Diego, and globally in Australia, Austria, Ireland, Japan and the United Kingdom.

<span class="mw-page-title-main">CyberArk</span> Israeli software company

CyberArk Software Ltd. is an Israeli publicly traded information security company offering identity management. The company's technology is utilized primarily in the financial services, energy, retail, healthcare and government markets. CyberArk is headquartered in Petach-Tikva. The company also has offices throughout the Americas, EMEA, Asia Pacific and Japan.

Trellix is a privately held cybersecurity company that was founded in 2022. It has been involved in the detection and prevention of major cybersecurity attacks. It provides hardware, software, and services to investigate cybersecurity attacks, protect against malicious software, and analyze IT security risks.

Perion Network Ltd. is a global technology company that provides digital advertising products and services. It is headquartered in Holon, Israel, with offices in Tel Aviv, New York, Los Angeles, London, Chicago, Boston, Atlanta, Toronto, and Kiev.

<span class="mw-page-title-main">Kaspersky Lab</span> Russian multinational cybersecurity and anti-virus provider

Kaspersky Lab is a Russian multinational cybersecurity and anti-virus provider headquartered in Moscow, Russia, and operated by a holding company in the United Kingdom. It was founded in 1997 by Eugene Kaspersky, Natalya Kaspersky and Alexey De-Monderik. Kaspersky Lab develops and sells antivirus, internet security, password management, endpoint security, and other cybersecurity products and services.

<span class="mw-page-title-main">Mimecast</span> Information technology company

Mimecast Limited is an American–British, Jersey-domiciled company specializing in cloud-based email management for Google Workspace, Microsoft Exchange and Microsoft Office 365, including security, archiving, and continuity services to protect business mail.

<span class="mw-page-title-main">Palo Alto Networks</span> American technology company

Palo Alto Networks, Inc. is an American multinational cybersecurity company with headquarters in Santa Clara, California. The core product is a platform that includes advanced firewalls and cloud-based offerings that extend those firewalls to cover other aspects of security. The company serves over 70,000 organizations in over 150 countries, including 85 of the Fortune 100. It is home to the Unit 42 threat research team and hosts the Ignite cybersecurity conference. It is a partner organization of the World Economic Forum.

<span class="mw-page-title-main">Dmitri Alperovitch</span> American computer security industry executive (born 1980)

Dmitri Alperovitch is an American think-tank founder, author, philanthropist, podcast host and former computer security industry executive. He is the chairman of Silverado Policy Accelerator, a geopolitics think-tank in Washington, D.C., and a co-founder and former chief technology officer of CrowdStrike. Alperovitch is a naturalized U.S. citizen born in Russia who came to the United States in 1994 with his family.

<span class="mw-page-title-main">Infoblox</span> American technology company

Infoblox, is a privately held IT automation and security company based in California's Silicon Valley. The company focuses on managing and identifying devices connected to networks—specifically for the Domain Name System (DNS), Dynamic Host Configuration Protocol (DHCP), and IP address management. According to Gartner, Infoblox held a 49.9% market share of the $533 million enterprise DDI market in 2015. In June 2016, market research company IDC reported that Infoblox held a sizeable market share in DNS, DHCP, and IP address management.

CrowdStrike Holdings, Inc. is an American cybersecurity technology company based in Austin, Texas. It provides endpoint security, threat intelligence, and cyberattack response services.

<span class="mw-page-title-main">George Kurtz</span> American billionaire businessman (born 1965)

George Kurtz is an American businessman. He is the CEO of the cybersecurity company CrowdStrike, which he co-founded with Dmitri Alperovitch.

Charming Kitten, also called APT35, Phosphorus or Mint Sandstorm, Ajax Security, and NewsBeef, is an Iranian government cyberwarfare group, described by several companies and government officials as an advanced persistent threat.

Zscaler, Inc. is an American cloud security company, with headquarters in San Jose, California. The company offers cloud-based services to protect enterprise networks and data.

<span class="mw-page-title-main">Wiz (company)</span> Cloud computing security startup

Wiz, Inc. is a cloud security startup headquartered in New York City. The company was founded in January 2020 by Assaf Rappaport, Yinon Costica, Roy Reznik, and Ami Luttwak, all of whom previously founded Adallom. Rappaport is CEO, Costica is VP of Product, Reznik is VP of Engineering, and Luttwak is CTO. The company's platform analyzes computing infrastructure hosted in Amazon Web Services, Microsoft Azure, Google Cloud Platform, Oracle Cloud Infrastructure, and Kubernetes for combinations of risk factors that could allow malicious actors to gain control of cloud resources and/or exfiltrate valuable data.

References

  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. 1 2 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. 1 2 "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. 1 2 "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.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.