CYREN Ltd (NASDAQ:CYRN) shares are trading higher in Tuesday's after-hours session after the company entered into an agreement with Content Services Group to sell all equity interests in its legacy secure email gateway business for 10 million euros in cash.
Cyren said the divestment will enable the company to focus on its best strategic growth opportunities.
The company will use the proceeds to expand go-to-market activities relating to its anti-phishing solution, Cyren inbox security, and its core threat intelligence services. The transaction is expected to close prior to Aug. 31.
Cyren is a provider of inbox security and threat intelligence solutions.
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CYRN Price Action: Cyren shares have traded between 18 cents and $13.87 over a 52-week period.
The stock was up 36.5% in after hours at $2.43 at press time, according to data from Benzinga Pro.
Photo: Lorenzo Cafaro from Pixabay.
