Authen Tec Inc. fully obtains SafeNet Inc.’s Embedded Security Solutions Division in a cash and stock transaction. AuthenTec, Inc., a mixed-signal semiconductor company, provides fingerprint authentication sensors and solutions to personal computer and wireless device markets …Authen Tec Inc. trades on the “NASDAQ” under the Stock Symbol”AUTH”. For the Latest information regarding “AUTH”, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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Authen Tec (NASDAQ:AUTH), a leading provider of smart fingerprint sensors and solutions, made and announcement this morning that it has fully obtained SafeNet Inc.’s Embedded Security Solutions Division in a cash and stock transaction which further strengthens Authen Tec’s offering of security and identity management solutions. Under terms of the transaction, Authen Tec paid $8.5 million in cash and issued 1.2 million shares (valued at $2.8 million at the closing) of its common stock. The transaction also calls for an earn-out of up to $2.5 million in cash based on the attainment of certain revenue goals for the remainder of 2010.
“This acquisition continues our transformation from a component supplier to a more comprehensive source of security, identity management and touch control solutions. The addition of SafeNet’s Embedded Security Solutions not only significantly strengthens our offerings in our existing markets, but also broadens our revenue base,” said Authen Tec CEO Scott Moody. “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 or cell phone all the way to the network server in the cloud. This acquisition also helps drive additional revenue growth while improving gross margin and accelerating our return to profitability.”
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