Benzinga | Nov 15, 2021 10:59AM EST

Booz Allen Spins Out SnapAttack

* Booz Allen Hamilton Holding Corp (NYSE:BAH) completed a transaction to transfer all assets related to SnapAttack to a new cyber threat hunting and detection company. Financial terms were not disclosed.

* SnapAttack is a cloud-based software solution that proactively brings together actionable threat intelligence and hacker detection to detect and defend against cyber threats.

* Booz Allen maintains a significant minority stake in the new company and a strategic partnership agreement to continue collaboration. Additional investors include Volition Capital and Strategic Cyber Ventures.

* The entity includes a dedicated technical team and the SnapAttack product, a unique technical solution that enables community collaboration around threat intelligence, attack emulation, and detection analytics.

* SnapAttack was developed and launched publicly by Booz Allen DarkLabs.

* The SnapAttack product development team will continue to be led by Chief Technology Officer Fred Frey and Chief Product Officer Tim Nary, SnapAttack's original developers.

* Price Action: BAH shares closed higher by 1.66% at $89.85 on Friday.