Israeli company Celebrate CLBT (NASDAQ: CLBT), which provides digital investigations solutions to law enforcement agencies, has provided its technology to the FBI in its investigation into Thomas Matthew Crooks, who was shot and killed while trying to assassinate presidential candidate Donald Trump at a rally in Pennsylvania last weekend, The Washington Post reported.
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Cellebrite develops products that help transform digital data into evidence admissible in court, among other things by retrieving information from phones as well as analyzing and managing the information.
In an attempt to understand Crooks’ motives for the shooting, FBI investigators were unable to retrieve data from the phone he took to the rally. The Washington Post reported that the cellphone was initially sent to the FBI’s Pittsburgh offices, which were unable to access the data, so Cellebrite’s technology was brought into the investigation by the FBI’s office in Quantico, Virginia.
The Washington Post reported that Crooks’s phone was a relatively new model with the latest software that would have taken “hours, weeks or even months” to access. Cellebrite’s solution allowed them to hack the phone in just 40 minutes, though there is no evidence of the sniper’s motives.
Cellebrite is traded on the Nasdaq with a market cap of $2.5 billion, up 39% since the start of 2024. The company went public three years ago through a SPAC merger. Before the merger was completed, Cellebrite was criticized by human rights organizations and academics in an open letter to the U.S. Securities and Exchange Commission (SEC), calling for it to be blocked from listing because its products could pose a risk to human rights (Cellebrite has denied this).
Cellebrite expects Q2 2024 revenue of $90 million to $94 million, up 17% to 23% from the same quarter last year, and EBITDA of $18% to $19 million. The company expects full-year revenue of $370 million to $380 million, up 14% to 18% from 2023, and EBITDA of $70 million to $80 million, up 19% to 21% from 2023.
This article was published in Globes, Israeli Business News – en.globes.co.il – on July 17, 2024.
© Copyright Globes Publisher Itonut (1983) Ltd., 2024.