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BlackBerry to split in two, plans IPO for Internet of Things business

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BlackBerry joins several companies that have split their units in recent years, favoring a leaner corporate structure to help investors better evaluate their separate businesses.

) said on Wednesday it would separate its Internet of Things and cybersecurity business units and target a subsidiary initial public offering for the IoT business next fiscal year.

"Both the IoT and Cyber businesses ... address large and growing market opportunities. This new proposed structure will further increase both their operational agility and ability to focus on delivering exceptional solutions," said BlackBerry CEO John Chen. Last year, it pulled the plug on its smartphones business and has since been trying to sell its legacy patents related to its mobile devices.The company went public in 1997 and soon became popular for its ubiquitous business smartphones, which were toted by executives, politicians and legions of fans in the early 2000s.

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