Deal Overview
On October 4, 2023, BlackBerry Limited (NYSE: BB, $3.61, Market Capitalization: $2.1 billion), a leading provider of security software and services to enterprises and governments, provided an update regarding the review of its portfolio of businesses (named as “Project imperium”), which commenced on 5/1. Based on the input from the current process and with the support of management, the Company determined that separating the Internet of Things (IoT) and Cybersecurity business units into two independently operated entities is the optimal strategic direction for the Company. BlackBerry plans to carve-out its IoT business via an IPO into a separate publicly traded company, with a launch targeted in the first half of the next fiscal year (1H24). IoT business consists of BlackBerry Technology Solutions (BTS) and BlackBerry IVY, a market leader for high-performance, safety-critical foundational software in automotive and other verticals. On the other hand, BlackBerry (Parent) will continue to run Cybersecurity, Licensing, and other businesses. Although more information regarding the IPO of IoT business is not available yet, the Company will host an investor briefing regarding the Project Imperium update on 10/17 (Tuesday) at 1:00 pm ET.
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