Feeds

Baltimore Technologies faces takeover action

By nobby nobody firm looking for publicity

  • alert
  • submit to reddit

Bridging the IT gap between rising business demands and ageing tools

A little known encryption firm called Chantilley has made a take over approach to the board of Baltimore Technologies, Europe's largest security firm.

The move came as a surprise to Baltimore because Chantilley sent us a press release on the subject before successfully contacting the firm.

A spokesman for Baltimore said that Chantilley had sent a letter to the wrong address (possibly to a Dublin Balti house - Ed) and it wasn't until the Reg forwarded Chantilly's press release that it Baltimore got clued up on the approach.

She said Chantilley had requested a meeting with Baltimore but the company would need a firm proposal before there was any possibility of taking the matter further.

"As a publicly traded company, Baltimore would always consider what is in the best interests of shareholders but its executives are focusing on executing a major restructuring of the business," she said.

Chantilley is a privately owned firm with just twenty employees which, according to Finance Director Mike Downey, makes most of its revenues from licensing its technology to Computer Associates. Its technology has been accepted as a standards for facsimile security by the International Telecommunications Union, according to the firm which said "there is no doubt that Chantilley's technology will become the future security standard", sorry guys but we doubt it - especially in the absence of any evidence. But at least this takeover stunt may have has raised its profile slightly.

Chantilley, which makes a range of encryption and key management products, has been trading for eight years and Downey believes it can come up with a reverse take-over offer that will persuade Baltimore shareholders to trade in their shares. We are far from convinced on this, even though Baltimore is going though a hard time in the market at the moment and its shares are trading on the floor.

As previously reported, earlier this week Baltimore's chief executive Fran Rooney resigned.

In May, Baltimore announced that it would shed 250 jobs in a move that means that almost one in five of its 1,200 workers would be shown the door. More job cuts will come as a result of the forthcoming restructuring, which is designed to save Baltimore £14 million a year.

Baltimore has been particularly hard hit by the downturn in the tech sector, which has been accompanied by disappointing sales.

Because of this shares in Baltimore have plunged from a high of £15 last year to the meagre 62p they are currently trading at on the London Stock Exchange. ®

External Links

Chantilley.com

Related stories:
Baltimore CEO quits
Baltimore issues profits warning
Baltimore slashes 250 jobs as losses grow

The Power of One Brief: Top reasons to choose HP BladeSystem

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Nadella: Apps must run on ALL WINDOWS – PCs, slabs and mobes
Phone egg, meet desktop chicken - your mother
White? Male? You work in tech? Let us guess ... Twitter? We KNEW it!
Grim diversity numbers dumped alongside Facebook earnings
HP, Microsoft prove it again: Big Business doesn't create jobs
SMEs get lip service - what they need is dinner at the Club
ITC: Seagate and LSI can infringe Realtek patents because Realtek isn't in the US
Land of the (get off scot) free, when it's a foreign owner
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
prev story

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Reducing security risks from open source software
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.