Content Services Group GmbH entered into a definitive Sale and Purchase Agreement to acquire Cyren GmbH from Cyren Ltd. (NasdaqCM:CYRN) for €10 million on June 1, 2022. Pursuant to the agreement, consideration will be paid in cash, and consists of €9.35 million payment at closing, subject to certain adjustments specified therein, including indebtedness, cash and working capital, and €0.65 million to be held in an escrow to satisfy certain claims, if any, that may arise after closing, which will be released no later than twelve (12) months after the closing date. Cyren secure email gateway customers (Cyren Email Security, eXpurgate) will receive ongoing communications from Cyren account managers and support teams to ensure a smooth transition, post-closing, to Content Services Group, with no disruption to service or support.

The transaction is anticipated to close on or before August 31, 2022, subject to the satisfaction or waiver of customary closing conditions. Cyren will use the proceeds to expand go-to-market activities relating to its anti-phishing solution, Cyren Inbox Security, and its core Threat Intelligence Services. Jörg Meißner and Monika Obal of Morrison & Foerster LLP acted as legal advisor to Content Services Group and Sara Berendsen of Greenberg Traurig Germany, LLP acted as legal advisor to Cyren.