Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) ("Elbit Systems") announced today that it will reorganize the business of CYBERBIT Solutions Ltd., its wholly-owned subsidiary. The defense Cyber Intelligence and Cyber Security business will be integrated with Elbit Systems Land and C4I Division and the commercial cyber business will continue to operate under CYBERBIT Ltd. The reorganization will become effective as of January 1, 2018.
Elbit Systems recognized a growing demand for Cyber Security and Cyber Intelligence in the defense sector as the modern battlefield requirements are shifting from C4I (command, control, communications, computers and intelligence) to C5I, with the addition of the cyber dimension. Elbit Systems Land and C4I Division offers high synergistic value in these areas and many years of operational experience to best meet these market needs.
CYBERBIT Ltd's commercial business has grown in the past couple of years and in order to maintain this growth and to be customer-oriented to its unique markets (financial sector, infrastructure security, etc.) the company decided to focus its commercial efforts under the CYBERBIT brand, which is becoming well known in this sector.
Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, said, "We are witnessing substantial growth in both the defense cyber and commercial cyber sectors and we anticipate to further broaden the activities of each sector separately." Machlis added, "The reorganization will enable us to better deal with future challenges of each growing market, to best match our offerings and to position ourselves as global leaders in each field."
Source: Elbit Systems Ltd.
Date: Sep 18, 2017