BlackBerry is making its biggest acquisition ever.
The once-dominant smartphone maker known for producing mobile devices so addictive people used to call them “crackberries” said Friday it is plunking down $1.4 billion in cash to buy Cylance, a cybersecurity firm that specializes in machine learning-enabled threat detection. Pending regulatory approval, expected by February, the purchase will deplete more than half of BlackBerry’s cash pile.
The acquisition reflects BlackBerry CEO John Chen’s multiyear imperative: a shift from selling phones to enterprise software and services. He first laid out the strategy shortly after becoming CEO in 2013. (BlackBerry stopped making its own phones two years ago, though it continues to license its brand.)
Chen said in a statement that the addition of Cylance would “immediately complement our entire portfolio.” In particular, he said the business, set to run as an independent unit,