GO plc on Thursday announced that it has concluded a transaction to acquire 51 per cent of the shareholding in cybersecurity company Cybersift Holdings Limited.
The total consideration payable for the subscription of the shares is €800,000, which could have a further €300,000 earnout added to it depending on Cybersift’s performance over a three-year period. The announcement comes just a day after GO Group released its annual financial statements for 2022, where it reported €22.1 million in pre-tax profit.
The aforementioned shares are expected to be issued in favour of GO in the coming days.
Founded in 2017 by David Vassallo – now Chief Technology Officer - and Brian Zarb Adami – now Chief Executive Officer -, Cybersift aims to improve cybersecurity through the use of machine learning to provide organisations with advanced, self-learning tools for detecting threats. It offers cybersecurity services, including its own software for detecting threats.
The company states that its software works with “any existing tools a client has” and does not require any further changes to their infrastructure. Cybersift’s software also helps automate the process of “investigating alerts, saving time and increasing cost efficiency” for clients.
It currently has a customer base spread between Malta, Italy, and the United States.
GO states that this acquisition underlines its “commitment to ensure a secure environment where businesses can achieve their digital growth”, and believes that Cybersift’s own software will “drive new opportunities both domestically and overseas”.
The integrated telecommunications provider added that further announcements regarding the acquisition will be made as and when necessary.