Secure Computing Sells Authentication Product Line To Aladdin
July 30, 2008 11:52 AM ET
Secure Computing and Aladdin Knowledge Systems reached an agreement today to finalize the sale of Secure SafeWord to Aladdin. The purchase costs approximately $65 million in cash plus acquisition costs going to Secure Computing. Aladdin, in turn, receives the entire SafeWord product line.
The SafeWord product line features authentication technology, including token technology and will complement Aladdin's existing eToken family of solutions.
As part of the sale, Secure Computing's SafeWord business unit and its employees, including the SafeWord research and development group and sales team are expected to be annexed by Aladdin.
"After considering a number of prospective buyers, Secure Computing chose Aladdin as the strongest partner, best suited to ensure a seamless transition and continued best-in-class services and support for our Secure SafeWord customers and partners," said Daniel Ryan, president and CEO of Secure Computing.
Ryan went onto say that by selling SafeWord to Aladdin, his company can focus on its core business competency and continue to deliver the products it feels most closely align with its philosophy.
"The sale of Secure SafeWord enables Secure Computing to redouble its focus on its areas of greatest strength and expertise -- delivering comprehensive and integrated Web, mail and network gateway appliances. The company believes the vast majority of customers and channel partners will both support and celebrate the company's renewed focus," said Ryan.
Aladdin believes the purchase will enhance its already existing position in the security authentication market and offer customers and partners a wider range of authentication choices.
"The incorporation of SafeWord into the Aladdin set of eToken authentication solutions will benefit customers by providing them a broader range of solutions for their security needs," said Yanki Margalit, chairman and CEO of Aladdin Knowledge Systems.
The sale of SafeWord to Aladdin is still subject to closing conditions which are contained in the purchase agreement that the two parties stipulated. The transaction is expected to be completed in August or September of this year.
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