Cyren's 3rd Quarter Revenue Down: Warburg Pincus Buys Shares

Cyren, a provider of a cloud security platform for email, web and DNS, generated revenue of $7.6 million in the third quarter, compared to $7.9 million during the same period in 2016.

In addition, the firm posted a GAAP net loss of $3.6 million, versus $1 million in the third quarter last year.

However, the company claims that it has pulled in 60 new customers, and that its average new order size has leaped by 250%.

This follows the news last week that private equity firm Warburg Pincus had purchased 10.6 million shares -- 21.3% of Cyren’s shares, yielding proceeds of $19.6 million.

In addition, Warburg Pincus announced a tender offer to acquire up to 75% of Cyren’s  partially diluted outstanding shares.

Cyren recently released version 4.2 of its CCS platform, adding email archiving to its email security, web security, DNS security, and cloud sandboxing services.  

Next story loading loading..