- Relay has completed the acquisition of Cybeats, a cybersecurity company, following the announcement of the transaction dated March 3, 2021
- Cybeats' cybersecurity technology is now commercially available for companies looking to prevent malicious attacks on their IoT devices
- Cybeats provides unique protection for companies in industries that handle critical infrastructures like the Aerospace, Automotive, Government and Building infrastructure, and Healthcare sectors
- The Cybeats value proposition addresses the global US $73 Billion Internet of Things market
Relay Medical Corp. (CSE: RELA) (OTCQB: RYMDF) (FSE: EIY2) (“Relay” or the “Company”), is pleased to announce that it has completed the acquisition of Cybeats Technologies Inc. (“Cybeats”), pursuant to the previously announced Share Exchange Agreement (“SEA”) dated March 3, 2021. As part of this transaction, Relay has acquired Cybeats’ technologies, intellectual property, and trade secrets, and Cybeats has become a wholly-owned subsidiary of the Company.
“The IDC report predicts there to be over 55 billion connected devices by 2025. The global IoT market is growing in an unprecedented way which has left a crucial delta in the cybersecurity of over 20 billion devices worldwide. With this acquisition I believe we are well prepared to address this opportunity, as we already have the first-hand experience of applying the value proposition to our own devices,” said Yoav Raiter, CEO, Relay Medical Corp.
Numerous private and public institutions have come under attack within the last few months causing governments to prioritize security standards for internet-connected devices. Most recently security cameras installed in multiple governments and corporate sensitive locations were hacked allowing the attacker access to the footage to the extent of embedding malicious software to operate on the cameras which emphasizes that even advanced firms need to prioritize security. In December of last year, President Trump signed into law a bill for cybersecurity standards that requires IoT vendors to disclose vulnerabilities. 1
Cybeats’ solution not only allows the security experts to focus on real and immediate threats, but it can also eliminate malicious code within seconds. Cybeat’s competitive advantage is the unique micro agent protection it provides to devices without affecting their normal operation and enables visibility from within the device. It continuously monitors for vulnerabilities and maintains the software responsible for the device communications and operations to detect and block threats. Cybeats allows manufacturers of IoT devices to integrate their equipment with high-end security in a cost-efficient manner. As part of the design and development process, Cybeats also supports the development managers with the ability to create, consume and share cybersecurity enriched data with their customers using the Software Bill of Materials (SBOM) standards and format, which is an inventory of software that the product is using, criteria becoming more commonly required.
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“Connected devices became a lucrative target for attackers. We learn on a daily basis about a new type of attack or a new vulnerability exploited in the field and affecting billions of connected things. There is an endless battle between cybersecurity defenders and attackers. The transition to working from home and the dependency on smart and remote functionality required for controlling various systems only worsen the problem. This is the main reason we started Cybeats back in 2016. While we are facing a huge opportunity in a highly expanding market, it is important to make the world safer and more secure for future generations,” said Dmitry Raidman, CTO, Cybeats Technologies Inc.
Relay plans to target several connected devices OEM and ODM companies in sectors such as medical, critical infrastructure, oil & gas, aerospace, and energy.
Source: Biospace
