CYREN Ltd (NASDAQ:CYRN) shares are trading higher Wednesday after the company entered into an agreement with Content Services Group to sell all equity interests in its legacy secure email gateway business.
Cyren said the divestment will enable the company to focus on its best strategic growth opportunities. The company's email gateway business will be sold to Content Services Group for 10 million euros ($10.7 million) in cash. The transaction is expected to close prior to Aug. 31.
"The proceeds from this transaction will strengthen our balance sheet, allow us to fund additional growth-related investments and streamline our product line and overall business," said Brett Jackson, CEO of Cyren.
Cyren is a provider of inbox security and threat intelligence solutions.
See Also: Morning Brief: Top Financial Stories Dominating on Wednesday, June 8
CYRN Price Action: Cyren has a 52-week high of $13.87 and a 52-week low of $0.18.
The stock was up 37.3% at $2.43 at press time, according to data from Benzinga Pro.
Photo: Pexels from Pixabay.
