Relay Medical Corp. (“Relay” or the “Company”) (CSE: RELA, OTC: RYMDF, Frankfurt: EIY2), is pleased to announce that it has entered into a binding Share Exchange Agreement (“SEA”) to acquire innovative cybersecurity company, Cybeats Technologies Inc. (“Cybeats”), based out of the GTA (Greater Toronto Area) in Ontario, Canada.
Founded in 2016 by Dmitry Raidman, Vladislav Kharbash and Peter Pinsker, Cybeats Technologies has developed an integrated security platform designed to secure and protect high-value connected IoT devices. Cybeats’ unique approach eliminates device downtime due to cyber-attacks and allows device manufacturers to develop and maintain secure and protected devices in a timely and cost-efficient manner.
“Cybersecurity has never been more important for connected devices. We look forward to immediately leveraging Cybeats technology to enhance the value proposition of our portfolio, starting with our Fionet devices. Cybersecurity is paramount to the future of IoT and with Relay’s infrastructure, resources and specialization, we are uniquely positioned to fully realize the potential value of the Cybeats platform across industries,” said Yoav Raiter, CEO, Relay Medical Corp.
This acquisition fulfills a fundamental requirement and is indispensable to the Company’s mandate to provide the global marketplace with reliable data-driven technologies including point-of-care medical devices, consumer IoT diagnostic solutions and COVID-19 testing devices.
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“While consumers, patients, manufacturers, companies and the world at large rapidly adopt and recognize the benefits of connected solutions, the potential consequences of data breaches and cybersecurity failures become increasingly more catastrophic,” said W. Clark Kent, President, Relay Medical Corp. “The value in bridging this gap is well illustrated by the flurry of activity in the global cybersecurity industry and we have experienced the power of the Cybeats solution firsthand. This is a very exciting development for the Company and we look forward to capitalizing on this opportunity and recognizing further synergies as the transaction progresses.”
On close of the transaction Relay will acquire Cybeats’ technologies, intellectual property and trade secrets, and Cybeats will become a wholly owned subsidiary of Relay. In conjunction with the transaction, Cybeats co-founder and CEO, Dmitry Raidman, will be appointed CTO of Cybeats.
“We are at a major inflection point of the IoT security market both with respect to the attention it is receiving following the recent events in 2020 and with respect to regulations and standards that have been proposed in North America and Europe. Device OEM companies are motivated to follow and comply with these standards and this requires a different scale and approach. Integrating Cybeats unique award-winning device security technology will help OEMs to support the required scale and achieve their goals. It is imperative for Cybeats to grow fast and increase the business footprint in the OEM device security market around the globe, and this acquisition will accelerate that process,” said Dmitry Raidman, CEO, Cybeats Technologies Inc.
The Cybeats platform helps companies build their devices with visibility into their security gaps and software supply chain. The platform then continuously monitors the devices for new emerging threats. When devices are operational in the hands of end-users, Cybeats provides controls to detect and eliminate cyber-attack threats in real-time with advanced incident response technology and integrates with modern SIEM (Security Information and Event Management) solutions. Cybeats uniquely provides built-in security as compared to today’s market standard of bolt-on security.
The Cybeats technology has been developed with the future of IoT and the security of connected smart devices in mind. Future regulations and standards for devices are expected to require the active solutions such as those Cybeats provides. The Cybeats team are thought leaders with extensive experience in the cybersecurity industry, and with more than 15 years of pioneering work in both cloud systems and embedded software.
Source: Biospace
