Gemalto acquires SafeNet for $890 million
08 August 2014 | Kavit Majithia
Digital security company Gemalto has signed an agreement to acquire data protection company SafeNet for approximately $890 million.
Gemalto expects the deal to complete in Q4 this year, and the acquisition is expected to bolster its network against fraud and security threats, including hacking.
SafeNet has designed its offering to provide security against hacking in online banking and against social media network breaches.
Card chip marker Gemalto has targeted its service to companies like Facebook, and has been selling authentication devices and security software to banks and government institutions.
“The opportunity to acquire SafeNet has come at exactly the right time, as we have just entered into our new multi-year development plan and there is a perfect fit between Gemalto’s security at the edge and Gemalto’s security at the core capabilities,” said Olivier Piou, CEO at Gemalto.
According to Bloomberg, Gemalto will target more deals in the space, and Piou claimed it will be looking at more acquisitions in the global money transfer and payments market.
“There are plenty of companies that would accelerate our growth, but we’re very patient and we won’t buy them at any cost,” he added.