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Aladdin strengthens authentication range with acquisition

Aladdin Knowledge Systems : 31 July, 2008  (Company News)
Secure SafeWord added to Aladdin's portfolio after purchasing the strong authentication product line from Secure Computing
Aladdin Knowledge Systems and Secure Computing Corporation have announced a definitive agreement for Aladdin to acquire the Secure SafeWord product line for approximately $65 million in cash, including acquisition costs.

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. To continue SafeWord's worldwide growth, Aladdin plans to fully engage and support Secure Computing's substantial, vibrant network of current SafeWord channel partners. Secure SafeWord added $32 million to Secure Computing's revenue in 2007.

"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."

"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. "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."

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. The sale of SafeWord to Aladdin Knowledge Systems by Secure Computing is subject to certain closing conditions which are contained in the asset purchase agreement entered into by the parties. The transaction is expected to be consummated 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.
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