by Deirdre McArdle -
The merged company CyberTrust will service 4,000 clients worldwide and says it expects to have annual revenues of USD160 million. The firm will also employ 1,000 people globally, including 49 in Dublin in its identity management division. Staff in Dublin will continue to develop intellectual property (IP) based on Baltimore Technologies' PKI (public key infrastructure) technology, UniCert, which Betrusted purchase during Baltimore's fall from grace.
CyberTrust expects the deal to close within 45 days, depending on regulatory and shareholder approval. Financial details of the deal were not disclosed.
Betrusted brings its identity management technology to the partnership while TruSecure provides intelligent risk management and compliance products and services. The merged company will also benefit from Ubizen's (a majority-owned subsidiary of Betrusted) managed security solutions.
"CyberTrust revenues are equally balanced between Europe and the US creating a truly global company," said Gavan Egan, senior vice president of CyberTrust, speaking with ElectricNews.Net. "We are now the biggest player in the managed security services market where we aim to compete with the global security firms like McAfee and Symantec."
The managed security services (MSS) market has taken off in recent months as companies are increasingly turning to MSS providers (MSSPs) to handle security issues in an attempt to reduce costs. The main services offered by MSSPs are network boundary protection, virtual private networks and intrusion detection systems. Research firm Gartner estimates that by 2005, 60 percent of companies will outsource the monitoring of at least one network boundary security technology to MSSPs.
CyberTrust's senior team will include management from Betrusted, TruSecure and Ubizen. John Becker the former chairman and CEO of TruSecure will become CyberTrust's CEO, while Rick Smith the former chairman of Betrusted, will continue as chairman with CyberTrust. Stijn Bijnens, co-founder and CEO of Ubizen will be the newly formed company's chief strategy officer.
Source: Electric News Network
