Cyren surges on deal to sell secure email gateway business

Cyren

08/06/2022 10:48

** Shares of security software maker Cyren Ltd  CYRN.O  up
27% at $2.25 in premarket trading 
    ** CYRN said on Tuesday it has entered into an agreement to
divest its legacy Secure Email Gateway business to Content
Services Group GmbH for 10 million euros ($10.70 million) in
cash  urn:newsml:reuters.com:*:nACSR0lPja
    ** "The proceeds from this transaction will strengthen our
balance sheet, allow us to fund additional growth-related
investments and streamline our product line and overall
business" - CEO
    ** As of last close, stock fell ~70% this year

($1 = 0.9346 euros)

 (Reporting by Tiyashi Datta in Bengaluru)
 ((tiyashi.datta@thomsonreuters.com))