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Secure Computing buys CipherTrust

Messaging security push gathers momentum

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Secure Computing has announced a deal to acquire CipherTrust, the messaging security firm, for $273.6m in cash and stock. The deal is expected to close in early September, subject to regulatory approval and customary closing conditions.

The deal allows Secure Computing to add CipherTrust's messaging security appliances to its existing range of universal threat management, identity management, and other security products and software.

Privately-held CipherTrust is a big wheel in the messaging security market, with approximately 20 per cent market share. Secure Computing expects CipherTrust to chip in between $15m to $20m in revenue in 2006, and approximately $80m in revenue next year.

Secure Computing's $273.6m purchase of CipherTrust is financed by $185m in cash, 10m shares of Secure Computing common stock, and a $10m seller note that's subject to certain performance obligations. After the deal is complete, CipherTrust shareholders will own 14 per cent of Secure Computing. The deal is being partially financed by a $115m loan and a $20m revolving credit facility from bankers Citigroup.

Last August, Secure Computing bought rival firewall/VPN appliance and web filtering firm Cyberguard for $295m in cash. ®

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