NEW YORK (TheStreet) -- Shares of Blackberry Ltd. (BBRY) are up by 0.50% to $10 at the start of trading on Tuesday morning, after the company announced it entered into an agreement to purchase Secusmart GmbH, a privately held German company, in order to reinforce its mobile security leadership.
Secusmart is a high-security voice and data encryption and anti-eavesdropping solutions for government organizations.
The company's security technology is currently being used by government officials in Canada and Germany, including German Chancellor Angela Merkel, following last year's U.S. spy scandal, Reuters reports.
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"This acquisition bolsters our security solutions with leading voice and data encryption and anti-eavesdropping technologies, and furthers BlackBerry's security leadership in end-to-end mobile solutions," said Blackberry CEO John Chen.
Terms of the deal were not disclosed.
Separately, TheStreet Ratings team rates BLACKBERRY LTD as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate BLACKBERRY LTD (BBRY) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, disappointing return on equity and weak operating cash flow."