BlackBerry stops preparing for IPO of IoT division

Canadian security company BlackBerry is no longer working on an IPO of its IoT division. BlackBerry was working on that, but has decided that it is no longer worth doing so.

BlackBerry had announced the IPO two months ago, but says now that it only splits the divisions to let them focus on their markets. The IoT division is involved in, among other things, creating software for cars. BlackBerry is primarily a security software company. BlackBerry immediately gets a new CEO with John Giamatteo.

Until 2016, the Canadian company made smartphones, but the company stopped doing so after sales and profitability had declined since 2011. BlackBerry made its name at the beginning of this century and reached its peak around 2009, when teenagers and business people, among others, started using the phones and subscriptions from the manufacturer in large numbers. The phones were known for their keyboards, and the software distinguished itself with, among other things, unlimited mutual messaging at a time when text messages were often included individually on the telephone bill.