The blockchain analysis firm Chainalysis announced Tuesday that it acquired Excygent, a cybercrime forensics company.
Exycgent is a highly specialized technology firm that services both public and private clients, even assisting U.S. governmental agencies with cybercrime investigations.
In a blog post, Chainalysis CEO Michael Gronager wrote that Chainalysis and Excygent had collaborated in past projects involving terrorism financing campaigns, the seizure of cryptocurrencies used in darknet marketplaces, and other illicit activity. The terms of the deal were not disclosed.
“Through that work, I’ve seen first hand that the Excygent team brings deep expertise in cryptocurrency and cybercrime investigations. I am thrilled to welcome them to our growing Investigations and Special Programs team, which provides lead generation, blockchain data analysis, and investigative support to government agencies,” wrote Gronager in the post.
Chainalysis intends to use its acquisition of Excygent to further reduce cybercrime — especially ransomware — and to promote “greater financial freedom with less risk,” the CEO said in a statement.
This year, Chainalysis reached a $4.2 billion valuation with its most recent funding round, bringing in $100 million in June.