Spyware Maker Paragon Heads to Nasdaq, Raising Transparency and Risk Questions

Paragon Solutions, the controversial spyware maker owned by private equity firm AE Industrial Partners, is set to become a publicly traded company. The firm, merged with cyber defense company REDLattice, will combine with Nasdaq-listed special purpose acquisition company Bold Eagle Acquisition Corp., with the deal expected to close around the end of the year. Paragon and REDLattice reported combined revenue of $267 million for the twelve months ending in June, a 29% year-on-year increase.

Paragon's spyware, known as Graphite, made headlines in January 2025 when WhatsApp revealed it had been used to target around 90 users. Journalists, human rights workers and other civil society members later said their devices had also been targeted. Despite its acquisition by a US firm, Paragon's research and development remains based in Israel.

Analysts say the move to go public reflects both ambition and investor confidence in the company, but also brings new scrutiny. Once listed, Paragon will be required to disclose more information through public filings, and shareholders will gain tools such as proxy votes and divestment options to influence its conduct.