BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) management shared more about their plans for the future on Tuesday at the company’s BlackBerry Summit. Investors apparently weren’t all that thrilled, as shares declined more than 4% at the NASDAQ during regular trading on Tuesday. However, CEO John Chen was very upbeat and had a number of announcements to make. The Financial Post covered the summit in full.
BlackBerry to acquire Secusmart
The Canadian smartphone maker revealed plans to acquire phone encryption tech firm Secusmart, which is based in Germany. With that acquisition, BlackBerry is clearly increasing its focus on enterprise and government customers by improving its mobile security.
Tiger Legatus Master Fund was up 0.1% net for the second quarter, compared to the MSCI World Index's 7.9% return and the S&P 500's 8.5% gain. For the first half of the year, Tiger Legatus is up 9%, while the MSCI World Index has gained 13.3%, and the S&P has returned 15.3%. Q2 2021 hedge Read More
ZDNet reports that BlackBerry and Secusmart have had a close relationship for the last five years or so. Secusmart has been known most recently for software that blocks eavesdropping. That software will join BlackBerry’s portfolio of security features and offerings.
BlackBerry and the Internet of things
Management from BlackBerry also began talking about the Internet of Things. They focused on how complex technology and connectivity have become and how companies are at risk because of this. Hackers no longer need physical access to things that are connected to the Internet. Even home systems and things like oil rigs are connected, so protection needs to be amped up.
Peter Lesser from the law firm Skadden Arps talked about how they use BlackBerry because of the security. He said they need a high level of security because many of their clients are in industries that are highly regulated. He called the company “the undisputed gold standard from a security standpoint.”
Other announcements from the Summit
The company’s management also talked about BlackBerry Guardian and their partnership with Amazon.com, Inc. (NASDAQ:AMZN), which makes the online retailer’s Appstore available on smartphones that run BlackBerry 10. BlackBerry Guardian is designed to automatically run a check on all Android apps that are downloaded and installed on BlackBerry phones. If the feature detects a suspicious app, it alerts the user, who can then choose to proceed or cancel it. BlackBerry Guardian will be available on the company’s upcoming Passport smartphone.
See John Chen’s recent interview with Bloomberg below