The cybersecurity company Cyren is reportedly liquidating. The firm, which provides cloud-based security solutions and email security services, is said to be in the process of selling off its assets to pay off its debts. The blog post suggests that the company’s financial difficulties may have been caused by increased competition and a shift in the market towards cloud-based security solutions. The post also mentions that what will happen to Cyren’s customers and employees is unclear and that the situation will likely be clarified in the coming days and weeks. This development serves as a reminder that even well-established companies in the technology sector can face challenges and struggles and highlights the importance of staying vigilant and adapting to changes in the market.
Excerpt from the main article:
As previously suspected and expected, internet security company Cyren will be liquidating.From their recent 8-Q filing: “Following the Company’s unsuccessful efforts to sell its assets or raise more capital to continue its operations, on February 20, 2023, the board of directors of Cyren Ltd. (the “Company”) reached the conclusion that the Company is insolvent and lacks the funds to continue as a going concern. Accordingly, the Company’s board of directors resolved to cease all activities of the Company and its subsidiaries, terminate the employment of all remaining employees of the Company and its subsidiaries, apply for liquidation procedures of the Company in Israel by appointment of a third-party trustee, in accordance with applicable law, and commence applicable liquidation, assignment and/or insolvency proceedings for each of the subsidiaries of the Company.”MailChannels, Spamhaus and others are offering replacement service to those affected by the pending collapse of Cyren’s services. I talked about