The deluge of security breaches and high profile hacks is causing old line defense companies to look for deals in the cybersecurity space, said Andrew Chanin, CEO of PureFunds. Chanin added that the PureFunds ISE Cyber Security ETF (HACK) has seen its assets under management surge to more than $600 million since its launch last November due to widespread interest in the space, especially in the wake of the Sony hacking last year. He said FireEye and Check Point Software have been two of the hottest and most acquisitive companies in the HACK ETF. Nevertheless, Chanin expects companies like Lockheed Martin and Raytheon to become more aggressive when it comes to M&A going forward.
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