Spyware Firm Paragon to Go Public via SPAC Merger with Bold Eagle Acquisition Corp.

Paragon Solutions to Enter Public Market

Spyware manufacturer Paragon Solutions is set to become a publicly traded company by the end of the year. This will occur through a merger with the special purpose acquisition company (SPAC) Bold Eagle Acquisition Corp., which is listed on the Nasdaq exchange. Paragon is owned by AE Industrial Partners, which previously merged it with REDLattice, a cyber defense firm.

Financial Performance and Growth Strategy

For the twelve-month period ending in June, Paragon and REDLattice generated a combined revenue of $267 million, marking a 29% year-over-year increase. REDLattice CEO Andy Boyd stated that the transaction provides capital and public market currency to accelerate organic growth, expand the product portfolio, and pursue mergers and acquisitions in adjacent areas.

Increased Transparency and Accountability

The decision to go public is expected to increase transparency regarding Paragon's business activities. As a publicly listed company, Paragon will be subject to public SEC disclosure requirements. Jen Roberts of the Atlantic Council’s Cyber Statecraft Initiative noted that this will provide shareholders with levers to influence company behavior, from proxy votes to divestment.

Past Controversies

Paragon has faced controversy regarding the use of its spyware. In January 2025, WhatsApp reported that Paragon spyware, known as Graphite, had been used to target approximately 90 of its users. Journalists, human rights workers, and other civil society members subsequently reported their devices were targeted with the spyware. Paragon's research and development hub remains in Israel.