Scryb reports on Cybeats’ commercial growth and contract announcements
by CM staff
At market close on January 6, Cybeats had a market capitalization of approximately $140 million with a share price of $1.50.
Cybeats’ Commercial Success (Photo: CNW Group/Scryb Inc.)
TORONTO — Scryb Inc., shared the rapid commercial growth of Cybeats Technologies Corp., a public company which Scryb maintains approximately 65 per cent ownership.
The recent signing of several major contracts with multinationals across a range of industries demonstrates the increasing demand for Cybeats’ SBOM Studio product. At market close on January 6, Cybeats had a market capitalization of approximately $140 million with a share price of $1.50. This puts the value of Scryb’s 65 per cent ownership in Cybeats at approximately $90 million. Scryb Inc. closed the market on January 6 at a share price of $0.14 and a market capitalization of approximately $35 million.
“Scryb is very pleased with the commercial growth of Cybeats, having recently signed several large global leaders across a broad spectrum of industry verticals, providing important market validation for SBOM Studio solution and invaluable implementation experience across a variety of sectors,” said Yoav Raiter, CEO, Scryb Inc. “The cybersecurity industry is quickly recognizing Cybeats’ market-leading technology, and combined with its real-world experience, is translating into a growing pipeline of large opportunities to carry it through 2023 and beyond.”
Cybeats recently signed and announce a three-year contract with a global leader in energy management and automation solutions. The multi-year SBOM Studio engagement will see Cybeats’ leading solution deployed with the global infrastructure leader to reduce the cost of securing its products by streamlining the discovery and resolution of software vulnerabilities across the organization.
Integral Ad Science, signed a two-year license to Cybeats SBOM Studio on December 4, 2022. Ensuring that ads are viewable by real people, their mission is to be the global benchmark for trust and transparency in digital media quality for the world’s leading brands, publishers, and platforms.
“We have seen firsthand the benefits of using SBOM Studio at our organization,” said Robert Janecek, CIO, Integral Ad Science. “Not only does it provide valuable insights for informed decision making at the executive level, but it has also significantly improved the efficiency of remedying software vulnerabilities across our entire company. The ROI of implementing SBOM practices with the help of Cybeats’ SBOM Studio has been impressive, and the tool has greatly reduced the effort required to safeguard our valuable software assets. We highly recommend SBOM Studio to other organizations looking to strengthen their cybersecurity posture.”
