Israeli cyber-security firm reverse lists on ASX

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Israeli cyber-security firm reverse lists on ASX

An innovative Israel-based cyber-security vendor is floating on the Australian Securities Exchange via a reverse listing.

Genome Technologies will be acquired by mining company Drake Resources in a deal valued at $11 million.

According to Genome, while "old-fashioned" defences ineffectively focus on infrastructure, systems, applications, and business processes, "we focus on what is now considered as the most critical risk factor in any organization – the human factor".

Its technology mitigates cyber threats by focusing on an organisation's employees and the risks from a growing array of vectors, including BYOD, wearables, social networks and remote access into the corporate network.

"The human factor is considered the weakest point of an organisation's security. So Genome’s proprietary technology and unique flexible engine algorithm analyses and maps each employee’s risk level and provides customised mitigation, intelligence and training solutions to reduce the risks."

Using its "predictive identity engine" technology, the company profiles each employee "and provides the organisation with the insights to determine where possible cyber-attacks targeting specific employees, may occur, and build corresponding controls to mitigate the risk".

The predictive identity engine "analyses multiple attack vectors and weaknesses of each employee".

The deal is valued at$11,000,000, "to be satisfied via the issue of 518,571,429 shares in Drake on a post-consolidation basis and a cash payment of US$440,000".

Drake will replace all but one of its existing board members and appoint new Australian board members together with board members from Genome.

Genome, which targets companies with 500-plus employees, lays claim to "multiple revenue streams and distribution channels".

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