Relay Acquires IoT Cybersecurity Firm Cybeats Technologies Fortifying Critical Pandemic Device Deployments
- Cybeats is a leading edge IoT (Internet of Things) and connected device security company
- The Cybeats platform defends IoT devices from cyber-attacks in critical facilities like airports, hospitals, power plants, factories, water treatment facilities, as well as automobiles and consumer devices
- The global market for IoT security is projected to grow at 31.2% CAGR to over $73 Billion USD by 20261 and IDC predicts that by 2025 there will be over 55 billion connected devices worldwide2
- Relay has now commenced integrating Cybeats operations to scale its sales and business development activities, and to strengthen ongoing and prospective deployments of the Fionet COVID-19 pandemic testing platform
TORONTO, March 03, 2021 (GLOBE NEWSWIRE) -- 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.
“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.”
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