Check Point bids $586m for PointSec
Security beyond the firewall
Check Point has made a bid to acquire Protect Data, the holding company for mobile security firm PointSec Mobile Technologies, in a cash deal valued at $586m (SEK 4,152m).
The offer is subject to the agreement of 90 per cent of Protect's shareholders, as well as regulatory approval.
Protect Data has urged shareholders of the Swedish firm to accept the offer which values each share at SEK180, a premium of 39 per cent on the average closing price of Protect Data's shares over the last three months, but a less impressive 2.6 per cent premium on Protect's closing price on Friday of SEK175.50 per share.
In the first nine months of 2006, Protect Data revenues grew by 92 per cent to $52.4m (SEK 370.8m). After tax profits over the same period came out at $8.3m (SEK 58.7m).
PointSec Mobile Technologies is a leading provider of encryption and other security products for PCs, PDAs and smartphones. Check Point plans to plug this technology into its existing security architecture to offer its clients improved end-point security technology.
The deal moves Check Point, best known for its firewall and other network security software, into the data security marketplace. ®