Cuentas has signed a letter of intent to acquire majority control of World Health Energy Holdings (WHEN) as part of its efforts to bolster its mobile and financial technology business lines, according to the companies.
With the acquisition, Cuentas will purchase a 75% stake in WHEN, the companies noted.
This is technology M&A deal number 284 that MSSP Alert and sister site ChannelE2E have covered so far in 2023.
Cuentas, founded in 2005, is based in Miami Beach, Florida. The company has 10 employees listed on LinkedIn. Cuentas' areas of expertise include fintech, e-finance and e-commerce.
WHEN, founded in 1984, is based in Herzliya, Israel. The company has 10 employees listed on LinkedIn. WHEN's areas of expertise include cyber, security and telecommunications.
Cuentas to Provide Next-Generation Cyber Protection
With the acquisition, Cuentas will offer WHEN's artificial intelligence and machine learning solutions to "address a broad segment of the fast-growing, multi-billion-dollar cybersecurity market," the companies stated.
Cuentas will integrate WHEN's portfolio of cybersecurity solutions into the Cuentas Mobile Platform and offer WHEN's solutions to its fintech partners, the companies said.
Cuentas Explores Growth Opportunities
Meanwhile, Cuentas' management team has been working with WHEN to identify opportunities to provide WHEN's solutions to Cuentas Mobile Platform users and companies and industries that Cuentas serves globally, the businesses indicated.
Also, Cuentas plans to deploy WHEN's software to protect families concerned with external cyber threats at home, the businesses noted.
World Health Energy Holdings Helps Organizations Secure Their Digital Infrastructure Systems
The WHEN acquisition comes in the middle of the Israel-Hamas conflict, which began October 7, 2023. This conflict illustrates the impact of cyberattacks, misuse of personal data and other global digital infrastructure system threats that impact consumers and organizations around the world. These threats "continue to evolve rapidly," Cuentas pointed out.
Ultimately, the world "needs what WHEN is developing now more than ever," according to Cuentas CEO Arik Maimon. Moving forward, Cuentas intends to deliver WHEN solutions globally. By doing so, Cuentas expects these solutions "could become a standard in communications security for businesses and families," Maimon said.
Israel Cyberattacks: What MSSPs Need to Know
Hacking groups are increasingly targeting Israeli organizations following attacks by Hamas militants on October 7, 2023. MSSP Alert has covered some of the cyberattacks dating back to October 7.