CYRN - Cyren to sell secure email gateway business to Content Services for Euro10M

Cyren (NASDAQ:CYRN) said Tuesday it will divest its legacy secure email gateway business to Content Services Group for €10M in cash. CYRN will use the proceeds to expand go-to-market activities related to its anti-phishing solution Cyren Inbox Security and its core Threat Intelligence Services. For customers of the solutions mentioned above, there will be no changes to points of contact, service levels or product efficacy. CYRN secure email gateway customers will receive ongoing communications from account managers and support teams to ensure a smooth transition to Content Services. "The proceeds from this transaction will strengthen our balance sheet, allow us to fund additional growth-related investments and streamline our product line and overall business," said CYRN CEO Brett Jackson. The deal is expected to close prior to Aug. 31.

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Cyren to sell secure email gateway business to Content Services for €10M