Mergers and Acquistions News
Categories: Hardware
February 26th 2010, 16:46PM
A provider of smart fingerprint sensors and solutions has announced the acquisition of SafeNet Inc's Embedded Security Solutions division.
Authen Tec made the acquisition for $8.5 million (£5.6 million) in cash, combined with 1.2 million shares of common stock with an estimated value of $2.8 million (£1.8 million).
The terms of the deal, which is hoped to bolster Authen Tec's offering of security and identity management solutions, also specified an earn-out of up to $2.5 million (£1.6 million) in cash based on the attainment of certain revenue goals by the end of the year.
"By leveraging the expertise of the SafeNet engineering team in software development, network security and secure communication, Authen Tec will have the ability to offer secure end-to-end solutions, from the individual PC … all the way to the network server in the cloud," said Scott Moody, chief executive officer of Authen Tec.
Last year, Authen Tec acquired the assets of fingerprint sensor manufacturer Atrua Technologies for $4.9 million (£3.2 million).
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