Stockholm, January 31 2019 – Baffin Bay Networks, the cloud-native cyber security experts, today announces the acquisition of US data security business Loryka, which focuses on botnet and IoT research. Baffin Bay Networks, its team hailing from major US security enterprises and Nordic banks, launched its cloud-based threat prevention service in 2017. This acquisition is the latest milestone following the company’s $6.4m Series A investment last year, led by EQT Ventures, accelerating its global expansion.
The company will become the first Baffin Bay affiliate in the United States. The Threat Research centre will be based in Portland, Oregon with additional operations in Virginia, Maryland and Tulsa, Oklahoma. Zac Lindsey, founder of Tulsa law firm LINDSEYfirm, will head up the company’s US operation, effective immediately. Loryka started out as a simple research project six years ago, but has since grown into a platform and data pipeline that allows researchers to gain insights into data breaches and security attacks.
Loryka brings much-needed IoT security expertise to Europe, a continent that increasingly struggles to combat such vulnerabilities. Earlier this month, it was revealed that less than half of European companies can detect IoT device breaches.
Loryka believes in collaboration and the sharing of useful data points, providing researchers with the data they need to innovate and make technical breakthroughs that benefit everybody. The company brings to Baffin Bay Networks a team of developers, researchers, and security professionals who are passionate about data. A recognised global leader in early attack detection, Loryka has built relationships with major industry partners such as Sierra Wireless and Cradlepoint.
Justin Shattuck, CEO and founder of Loryka, commented on the news: “This move gives us a great springboard to take our research expertise and our philosophy of data sharing to new clients and markets. Joining forces with a cyber security platform like Baffin Bay Networks shows we have transitioned from a data collection company to a genuine threat prevention organisation, providing solutions to corporate end-users at a larger, more significant level.”
Joakim Sundberg, CEO and founder of Baffin Bay Networks, added: “This is a big step for Baffin Bay Networks as we look to expand our reach and create even more value to customers. With this acquisition we will have a threat research team in the US with great local knowledge and experience, meaning we will be able to provide clients with unrivalled threat intelligence and services to help them protect their businesses.”