Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, February 3, 2023

Article Excerpt

MAGNET FORENSICS INC., $44.13, symbol MAGT on Toronto, is a provider of digital investigation software that helps recover evidence from cloud services, mobile phones, computers and other digital devices. Magnet employs 394 people in six offices and now has over 4,600 customers in 92 countries. The company’s software lets investigators collect digital evidence that is legally obtainable, but hard to access, such as recovering deleted files from a hard drive. It also automates parts of that process, allowing investigators to work faster, and includes a user interface tailored to professionals with limited technical skills. Magnet was founded in 2010 by former Waterloo police officer Jad Saliba, who had been assigned to his force’s digital forensics unit. While on the job, he realized there was a lack of effective tools to recover and analyze digital evidence in cybercrimes. On April 27, 2021, the company first sold shares to the public in an IPO and began trading on the Toronto exchange. Specifically, it sold 6.8…