The company, which was established in 1984, rose to fame for its classic business smartphones in the early 2000s. Credit: Randy Lu/Unsplash.

Canadian technology company BlackBerry has announced plans to spin off its internet of things (IoT) and cybersecurity businesses.

The businesses will operate as completely standalone divisions.

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As part of the plan, BlackBerry’s corporate functions will be divided and streamlined into teams dedicated to individual business units.

In October 2023, the company’s board had decided to separate the businesses and launch an initial public offering (IPO) of the IoT unit.

Now, it has dropped the plans for the IPO.

Concurrently, BlackBerry announced the appointment of John J Giamatteo as its new CEO.

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Since October 2021, Giamatteo—who has over 30 years of experience working with international technology companies—has held the position of president of BlackBerry’s cybersecurity business unit.

The company, which was established in 1984, rose to fame for its classic business smartphones in early 2000s.

BlackBerry announced in 2016 that it would no longer be making its classic devices and currently it is focused on developing software for automotive industry and cybersecurity.

Company board chair Dick Lynch said: “The board, with input from its advisors, believes that a full separation of BlackBerry’s IoT and cybersecurity businesses will open up a number of strategic alternatives that can unlock shareholder value.

“Management is focused on moving quickly to complete this reorganisation that will further enhance the focus of both businesses on their respective markets as well as their capacity for fast, flexible decision-making.”

Giamatteo added: “I am honored and excited to lead the next phase of BlackBerry’s evolution as its CEO. BlackBerry’s IoT and Cybersecurity businesses have market-leading technology, exceptional teams and large market opportunities.”

In August 2023, reports emerged that private equity company Veritas made a bid for the entire business of BlackBerry.