Feeds

Baltimore sells content security business

Says has enough money for next 12 months

  • alert
  • submit to reddit

Beginner's guide to SSL certificates

Baltimore Technologies has secured a much needed cash lifeline with the sale of its content security business to UK software firm Clearswift Corporation for £20.5 million.

The deal represents a tiny fraction of the £692 million Baltimore paid for Content Technologies at the height of the stock market boom in 2000. It will receive £12 million in cash, £2.5 million in loan notes and the remainder as shares in Clearswift.

The sale is subject to Baltimore shareholder approval to be sought at an Extraordinary General Meeting in March.

As Baltimore now admits, there was little link between its core public key infrastructure (or as it now prefers to call it authentication and authorisation solutions) and content security. Recognising this, Baltimore's executives decided to dispose of this business when it was forced to restructure its business last year.

Dwindling cash reserves and disappointing sales of its core PKI technology have forced Baltimore to take a scythe to its business, after a string of disappointing financial results that have been accompanied to heavy job losses. Around 1,400 people worked for Baltimore at the start of the year but this will be cut to 470 by the second quarter of next year. Meanwhile Baltimore's share price has collapsed.

Baltimore now believes it has enough working capital for at least the next 12 months. ®

External links

Baltimore's statement on the disposition

Related Stories

Baltimore struggles to sell unit
Founder sues Baltimore for dissing him
Baltimore board votes in pay cuts
Baltimore appoints new chief as revenues decline
Baltimore unveils lifeboat plan as 220 crew drowned
More jobs to go at Baltimore
Baltimore CEO quits
Baltimore slashes 250 jobs as losses grow
Baltimore denies it's in takeover talks with CA
Baltimore Technologies faces takeover action

Choosing a cloud hosting partner with confidence

More from The Register

next story
SMASH the Bash bug! Apple and Red Hat scramble for patch batches
'Applying multiple security updates is extremely difficult'
Apple's new iPhone 6 vulnerable to last year's TouchID fingerprint hack
But unsophisticated thieves need not attempt this trick
Oracle SHELLSHOCKER - data titan lists unpatchables
Database kingpin lists 32 products that can't be patched (yet) as GNU fixes second vuln
Who.is does the Harlem Shake
Blame it on LOLing XSS terroristas
Researchers tell black hats: 'YOU'RE SOOO PREDICTABLE'
Want to register that domain? We're way ahead of you.
Stunned by Shellshock Bash bug? Patch all you can – or be punished
UK data watchdog rolls up its sleeves, polishes truncheon
Ello? ello? ello?: Facebook challenger in DDoS KNOCKOUT
Gets back up again after half an hour though
Desperate VXers enslave FREEZERS in DDoS bot
Updated Spike malware targets Asia
Heatmiser digital thermostat users: For pity's sake, DON'T SWITCH ON the WI-FI
A stranger turns up YOUR heat with default password 1234
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.