In a step to secure another milestone, the Stockholm-based scaleup Baffin Bay Networks has acquired the US-based data security company Loryka. Founded in 2017 along with a team of expert security enterprises from US and the Nordic Banks, Baffin Bay Networks is a cloud-based threat prevention cybersecurity firm and it is also supported by Europe’s leading accelerator EIT Digital. In fact, the scaleup also won the first prize in the EIT Digital Challenge’s category Digital Infrastructure in 2018.
The breakthrough for the Swedish startup came after generating Series A investment of $6.4 million in June last year supported by EQT Ventures.
First US liaison
The security operations primarily targeting botnet and IoT research, Loryka has now expanded its horizons to detect early signs of security attacks and offering useful insights to the data breach researchers.
Launched in 2013 as a research project, the global security company will now become Baffin Bay Networks’s first alliance in the United States with the Threat Research Centres based in Portland, Oregon and additional operations in Virginia, Maryland and Tusla, Oklahoma.
How is the deal beneficial?
Owing to Europe’s vulnerability to the cyber attacks and threats, the affiliation with Loryka will strengthen the critical security frontier of Europe offering its own expertise. Not even half of European companies, as revealed in a study, can identify IoT device breaches.
CEO and founder of Loryka, Justin Shattuck, expressed his views on the same. “This move gives us a great springboard to take our research expertise and our philosophy of data sharing to new clients and markets. Joining forces with a cybersecurity platform like Baffin Bay Networks shows we have transitioned from a data collection company to a genuine threat prevention organisation, providing solutions to corporate end-users at a larger, more significant level.”
The distinguished global leader in threat detection has well-built relations with major industry partners such as Sierra Wireless and Cradlepoint.
A step towards global expansion
Progressing towards becoming a global security service provider, Baffin Bay Networks aims to utilize the resources brought in by the US-based organization comprising of a dedicated team of researchers, developers and security professionals.
Explaining his idea, the CEO and founder of the Stockholm-based startup, Joakim Sundberg says, “This is a big step for Baffin Bay Networks as we look to expand our reach and create even more value to customers. With this acquisition we will have a threat research team in the US with great local knowledge and experience, meaning we will be able to provide clients with unrivalled threat intelligence and services to help them protect their businesses.”
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