There are few companies with such a storied past few years as BlackBerry Ltd. (TSX:BB)(NASDAQ:BBRY)

The company that invented the smartphone and push email won a coveted place in the minds of business people, and the “CrackBerry” phenomenon took off.

Then other manufacturers entered the hardware business. They sported higher-end specs, larger screens, and libraries of apps, and BlackBerry was left watching market share and sales plummet. The company’s BB10 operating system–designed to be a modern, secure option to competitors–was great, but ultimately, it was too late to the party to make an impact. Most users are now firmly invested in the ecosystems of iOS or Android.

What’s changed? Here’s a few key points that will make you reconsider investing in BlackBerry.

The adoption of Android with the Priv 

The reviews are in and they are great. The adoption of Android has effectively removed the app gap that plagued BB10, and the hardware that the Priv has is both current and innovative.

Despite only recently being made available for purchase, many outlets are reporting that they are sold out of the device, which is quickly growing in popularity. Many former BlackBerry users that moved to Android now see the Priv as a device worth considering.

BlackBerry CEO John Chen commented on the Priv release: “This is the big deal in terms of getting receptivity from the market. We want the market to tell us what they like and what they don’t like and we’ll adjust accordingly.”

Given the sold-out status of the device, it looks like the market has already spoken. People like the fusing of BlackBerry and Android, and further Android devices may be coming.

The Priv is not just another Android handset

The Priv was expertly designed from the ground up to cater to BlackBerry’s strengths: the iconic physical keyboard implementation and a very strong emphasis on security.

It’s no secret that BlackBerry places security high up on the list of requirements, which is why countless heads of state and leaders in business continue to use those devices. Chen alluded to the Priv months ago, stating that the company would only build an Android device if they could secure it. Well, it seems that has been accomplished.

The Priv has some of the trademark BlackBerry additions–security applications, customization, and the BlackBerry Hub for a one-stop shop for all messaging and notifications. For BB10 users, these features are the norm and expected, but for Android users unaccustomed to these applications, they greatly increase the functionality of the device.

Chen has the right attitude and vision to make BlackBerry a success

There are few other executives that could take BlackBerry from where it was several years ago to the position the company is in today. Chen has given the company focus and has redirected staff to the core principles of the company–enterprise, security and efficiency–and trimmed down staffing levels and projects, so the company will return to profitability in 2016.

Only a few years ago the company was writing down nearly a billion in inventory in a single quarter, whereas the company now has over $3 billion in the bank. Ironically, the stock price doesn’t account for this yet.

BlackBerry currently trades at just over $10 and is up over 10% in the past month. The stock is still down 20% for the year, but has significant room to grow. In my opinion, BlackBerry is grossly undervalued, and should the Priv continue to be a successful device launch for the company, the stock should appreciate further. Investors seeking long-term growth will be hard pressed to find a better bargain.

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Fool contributor Demetris Afxentiou has no position in any stocks mentioned.