Safenet Secures Oz Firm For $34M

FAST-RISING US security provider SafeNet has paid $US25 million ($33.8 million) in a cash deal to buy Australian cryptographic pioneer Eracom Technologies. With a heritage dating back more than 25 years, Eracom's Protect range of encryption security systems is sold throughout the Asia-Pacific region and in Europe. Eracom products are mainly used to secure credit card, electronic funds transfer and autoteller transactions against hackers and data thieves. The acquisition will give SafeNet entry to the growing online payments processing sector, and access to new regional markets for its secure application, identity and communications products. "Eracom is a good fit for us in a number of ways," SafeNet global business vice-president Tim Russell says.

Source - Australian IT