IBM Acquires Phoenix Subsidiary Logiq for Undisclosed Price
Phoenix's parent company has reached an agreement to sell its cybersecurity firm Logiq to IBM. The deal will see IBM acquire all shares of Phoenix's subsidiary, which provides software solutions for businesses and governments. Details surrounding the acquisition price were not disclosed in the announcement.
The move comes as companies continue to prioritize their digital security amid growing threats from cyberattacks. Phoenix has stated that it will maintain a presence in the cybersecurity market through other subsidiaries and partnerships.
Logiq's software solutions offer identity verification, authentication, and compliance management services for customers worldwide. IBM has made several strategic acquisitions in recent years to expand its portfolio of AI-powered technologies.