Cyren Ltd (NASDAQ:CYRN)
Cyren Ltd (NASDAQ:CYRN) has once again reaffirmed its credentials as a leading internet security provider, its products having successfully detected and blocked the havoc surrounding the WannaCry malware. The company says users of its products remain protected from all variants of the malware.
Today, Cyren Ltd (NASDAQ:CYRN) reported a Q1 2017 $2.5 million loss – or $0.06 per share. Revenues were posted at $8 million for the internet security services provider. The company’s shares closed at $2.30 yesterday and are now trading around $2.17 – almost a 5% drop. A year ago, they were trading at $1.74.
Cyren Blocks WannaCry Attacks
The internet security provider says its cloud has detected over 300 variants of the WannaCry attack to date. The firm has also reaffirmed that its cloud continues to identify and block any malicious IP addresses and C&C servers which are being used to initiate the WannaCry attack.
“Cyren customers are protected from all WannaCry variants and were protected from the initial malware outbreak by Cyren’s SaaS email security gateway, web security gateway, and cloud sandboxing services. Cyren Threat Intelligence Services partners are protected from all WannaCry variants and were protected from the initial malware outbreak […],” said the company in a press release.
The internet security provider recently unveiled Cyren Cloud Security 4.0 platform – billed as the industry’s first security solution that can deliver web email and DNS-based security from a single SaaS platform. The platform is designed to simplify and integrate the management of siloed point security solutions. It also eliminates complexity and costs while delivering better protection from sophisticated cross-vector threats.
Separately, Cyren Ltd (NASDAQ:CYRN) has confirmed that John Becker has joined the company’s board of directors as an outside director. Becker joins the company with 30 years of security and technology experience. He has previously served in a number of company’s board of directors in addition to being the chief executive officer of Source fire, Approva Corporation, and AXENT Technologies.
Recently, Cyren Ltd (NASDAQ:CYRN) confirmed it has entered into subscription agreements with a number of investors for the purchase of $6.3 million principal amount of convertible notes. The unsecured notes carry a 5% interest payable semiannually in 50% cash and 50% in ordinary shares.
The notes have a two-year term and set to mature in September of 2019. Cyren plans to use net proceeds from the offering for general corporate purposes.
Shares of Cyren Ltd (NASDAQ:CYRN) are up by 15% in Monday trading session ending the day at highs of $2.30 a share.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.