Source: Tevano Systems.
  • Tevano Systems Holdings (TEVO) has acquired Illuria Security
  • The addition of Illuria’s cyber deception technology platform will immediately expand Tevano’s portfolio of software solutions
  • The transaction was structured as a three-cornered agreement and plan of merger between Tevano, Illuria and TSH (Delaware) Corp.
  • Tevano issued 10 million common shares to former Illuria shareholders in exchange for all securities of Illuria
  • Mr. Chris Kiloyan, co-founder & President of Illuria, has joined Tevano’s Board of Directors
  • Tevano is a hardware and software business solutions company
  • Tevano Systems Holdings Inc. (TEVO) opened trading at C$0.145 per share

Tevano Systems Holdings (TEVO) has acquired Illuria Security, a network security solution provider.

Illuria has developed a cyber deception technology platform that contextualizes security, threat detection, threat intelligence, and threat response. The platform includes network attack detection, real-time forensics, and incident response among other features.

David Bajwa, CEO of Tevano commented on the transaction.

“We are very excited about the acquisition of Illuria. The addition of Illuria’s cyber deception technology platform will immediately expand the portfolio of software solutions we currently offer to enterprise and government related businesses. Over the next six to twelve months, we intend to further refine and build on Illuria’s network security technology through further software development.”

Antranik Wartanian, CEO of Illuria, commented,

“We’re excited that Illuria will be joining Tevano’s team. We see a tremendous opportunity to accelerate the growth of our respective businesses by combining resources and capabilities.”

The transaction was structured as a three-cornered agreement and plan of merger between Tevano, Illuria and TSH (Delaware) Corp., a wholly-owned subsidiary of Tevano. Illuria and TSH merged with the resulting issuer becoming a wholly-owned subsidiary of Tevano Holdings.

Under the terms of the agreement, Tevano issued former holders of Illuria securities 10 million common shares in exchange for all securities of Illuria.

In connection with the transaction, Tevano issued 1,000,000 common shares to two finders as finder’s fees.

As part of the transaction, Tevano added one new member to its board of directors, Mr. Chris Kiloyan.

Chris Arman Kiloyan is a co-founder & President of Illuria and has over 5 years of experience in information security and computer networks. Chris has received his Bachelor of Science in Computer Science from the American University of Armenia, where he successfully defended his thesis on deception technology. His university thesis led to the creation of Illuria and is the pillar of its technology.

Illuria is a software corporation whose technology involves active cyber deception to protect critical network systems of enterprise systems of all sizes.

Tevano is a hardware and software business solutions company.

Tevano Systems Holdings Inc. (TEVO) opened trading at C$0.145 per share.

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