Paragon Solutions, the spyware maker linked to a WhatsApp targeting campaign earlier this year, is set to go public through a merger with Bold Eagle Acquisition Corp., according to Recorded Future News. The deal, announced by REDLattice, will place Paragon under the REDLattice umbrella on Nasdaq, with the transaction expected to close around the end of the year.
Paragon, owned by private equity firm AE Industrial Partners, has its research and development hub in Israel. In January 2025, WhatsApp revealed that Paragon's Graphite spyware had been used to target about 90 users, including journalists and human rights workers. The company's combined revenue with REDLattice reached $267 million over the twelve months ending in June, a 29% increase.
Going public will obligate Paragon to file disclosures with the SEC, which analysts say could improve transparency and accountability. Jen Roberts of the Atlantic Council noted that shareholders would gain levers such as proxy votes and divestment. However, she also cautioned that for policymakers seeking to curb the spread of such surveillance capabilities, the move is not a good sign. The source article provides no contrasting views, so this assessment stands alone.