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From the News Desk
Thursday, 31. July 2008
Secure Computing’s SafeWord Soon to Merge in Aladdin Knowledge Systems
Secure Computing and Aladdin Knowledge Systems, a provider of information security solutions, announced a definitive agreement for Aladdin to acquire the Secure SafeWord product line for approximately USD 65 million in cash, including acquisition costs.
Secure Computing’s SafeWord business unit and all of its employees, including the SafeWord research and development group and SafeWord sales team, are expected to be incorporated into Aladdin Knowledge Systems, once the acquisition is complete.
“This acquisition is a major corporate milestone, as it quickly brings sizeable revenues and growth opportunities that perfectly align with Aladdin’s business,” said Yanki Margalit, Chairman and CEO of Aladdin Knowledge Systems. “Through this acquisition, Aladdin stands as a worldwide leader in strong authentication technology. 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.”
The sale of SafeWord to Aladdin Knowledge Systems by Secure Computing is subject to certain closing conditions that are contained in the asset purchase agreement entered into by the parties. The transaction is expected to be complete in August or September 2008. Pending a successful completion of the transaction, the acquisition is anticipated to be accretive to Aladdin on a GAAP diluted earnings per share basis toward the last quarter of 2009.
According to Secure Computing, the acquisition of Secure SafeWord will position Aladdin as the premier strong authentication provider, adding highly innovative token technology as well as a strong market and channel presence to the existing Aladdin eToken family of solutions.
Secure Computing’s SafeWord business unit and all of its employees, including the SafeWord research and development group and SafeWord sales team, are expected to be incorporated into Aladdin Knowledge Systems, once the acquisition is complete.
“This acquisition is a major corporate milestone, as it quickly brings sizeable revenues and growth opportunities that perfectly align with Aladdin’s business,” said Yanki Margalit, Chairman and CEO of Aladdin Knowledge Systems. “Through this acquisition, Aladdin stands as a worldwide leader in strong authentication technology. 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.”
The sale of SafeWord to Aladdin Knowledge Systems by Secure Computing is subject to certain closing conditions that are contained in the asset purchase agreement entered into by the parties. The transaction is expected to be complete in August or September 2008. Pending a successful completion of the transaction, the acquisition is anticipated to be accretive to Aladdin on a GAAP diluted earnings per share basis toward the last quarter of 2009.
According to Secure Computing, the acquisition of Secure SafeWord will position Aladdin as the premier strong authentication provider, adding highly innovative token technology as well as a strong market and channel presence to the existing Aladdin eToken family of solutions.
