Cybercatch signs deal to acquire encryption technology

Executive Summary

• Cybercatch Holdings Inc. has signed a definitive share exchange agreement to acquire Atriarch Inc. to obtain multiauthority attributes-based encryption with revocation technology intellectual property.
• The acquisition is structured as a share-for-share exchange, with Cybercatch issuing 1.25 million common shares valued at $2.00 per share to acquire all issued and outstanding shares of Atriarch.
• The transaction aims to enhance Cybercatch's cybersecurity offerings to mitigate risks from AI and quantum-driven attacks, with immediate use cases identified in critical sectors such as public sector emergency communications.

Key Details

• Transaction Structure: Definitive share exchange agreement to acquire 100% of Atriarch Inc.
• Consideration: 1.25 million common shares of Cybercatch Holdings Inc.
• Valuation: $2.00 per Cybercatch share (implied total value of $2.5 million).
• Asset Acquired: Multiauthority attributes-based encryption with revocation technology intellectual property.
• Strategic Rationale: To commercialize encryption technology for immediate use cases, boost cybersecurity, mitigate risks from AI and quantum-driven cyberattacks, and drive large sales and revenues.
• Use Cases: Immediate applications identified in critical business sectors, specifically public sector emergency communications allowing granular access control and instant revocation.
• Closing Conditions: Subject to customary closing conditions, including final approval from the TSX Venture Exchange.
• Share Restrictions: Cybercatch shares issued upon closing are subject to certain contractual sale restrictions.

Notable Quotes

• "This is not sustainable and with AI and quantum driven cyberattacks in the horizon, what is needed is innovative encryption for both data in motion and data at rest. What is needed is multiauthority attributes-based encryption with revocation support, so that it is one-to-many but with one-to-one encryption and instant revocation capability, and we have identified several immediate use cases in key sectors for this value proposition, and anticipate announcing several key partnerships shortly for the partners to licence and incorporate into their technology products," stated Sai Huda, chief executive officer, Cybercatch.