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Assac Networks Gets $7.5million Investment

NY-based ASPIS Buys In to Israeli Smartphone Security Specialist

Tel Aviv-based smartphone security provider, Assac Networks, has announced a $7.5million investment from American cybersecurity firm ASPIS Cyber Technologies.

The cash will be used to further develop Assac’s product line, the most prominent part of which is ShieldiT, which is used to secure smartphones in organisations that allow staff to use their personal devices for business purposes. The product was originally developed for the security and defence markets but has since been adapted for consumer and corporate customers.

The deal will also enable the Israeli firm to benefit from ASPIS’s extant relations with customers. In a media release, Assac’s founder and CEO, Shimon Zigdon, said the deal “opens up extensive opportunities for our company“. These are likely to be in the consumer and corporate markets; the firm already has a strong client base among law-enforcement customers and intelligence agencies.

As a provider of cyber protection services to government-federal, corporate and cellular subscribers, we are delighted to incorporate Assac’s solution into our offering,” said ASPIS’ Executive Chairman, Paul Feller. “With 87% of cyber hacks now happening through employees’ cell phones, it was important for us to invest in a company that has a complete and proven solution. We are confident that this investment will bear fruit for everyone involved“.

ShieldiT helps protect smartphones from a range of cyber-enabled compromises. (Assac Networks)

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