NSO Group burned up most of its cash to shift away from Pegasus

Since 2019, the company has shut down services to at least seven customers with contracts worth a combined US$80mil (RM337mil) to US$100mil (RM421mil) in annual revenue after deciding that it would no longer do business with them, the person said. — AFP

Israeli spyware firm NSO Group burned through most of its cash this year in a desperate bid to move past the scandal surrounding its phone-hacking tool Pegasus, according to a person with knowledge of the matter and private financial documents seen by Bloomberg News.

NSO has been spending heavily to build up drone-monitoring technology and a big-data analytics platform that executives are pitching as key assets in discussions with two US-based funds that have expressed interest in acquiring the company, according to the person, who asked not to be identified because the talks are private.