John McAfee has been named CEO of MGT Technologies, a small tech firm with investments in daily fantasy and mobile games, and now the stock is soaring.
According to a release from the company, the firm has acquired anti-spying software D-Vasive which prevents apps from activating parts of devices they are installed on.
In conjunction with this acquisition, the company appointed McAfee, founder of cybersecurity company of the same name and current Libertarian Party Presidential candidate, to Chairman and CEO.
Additionally, the firm will be rebranded as John McAfee Global Technologies, Inc.
Following the news, shares of the company were up more than 110% in pre-market trade on Monday morning.
“D-Vasive offers a powerful tool for protection from the proliferation of invasive apps by consumer products companies, social networks, financial institutions and others,” the release said. “These invasive apps can secretly turn on a phone’s microphone and camera, as well as monitor geographic movements and access contacts.”
“The enormous impact of cybersecurity on our lives requires the scale and resources of a public company. Our ability to continue to hire the best minds in the business will be vastly enhanced with a public platform,” said McAfee in the release.
“With the acquisition of D-Vasive technology as a starting point, we expect to grow MGT into a successful and major force in the space.”