Wave Systems (NASDAQ: WAVX) today announced that it has acquired Safend Ltd., a provider of endpoint data loss protection solutions for approximately $12.8 million, mostly in stock.
Safend, headquartered in Tel Aviv, Israel, with offices in Philadelphia, has approximately 70 employees and offers products including port and device control, encryption for removable media, content inspection and discovery.
The addition of Safend’s complementary product suite creates strong cross-selling opportunities into the healthcare, financial and government verticals where data loss protection is a high priority, Wave Systems said in a statement.
Wave Systems believes that Safend’s reseller channel, combined with its direct sales force and strong presence in EMEA, will give the company new sales resources with access to new market opportunities.
“With the escalation of cyber threats and an increasingly mobile workforce, many customers are looking for an integrated and cohesive security solution across the data lifecycle — from data-at-rest to data-in-motion and, ultimately, to archiving,” said Steven Sprague, Wave CEO and President. “Safend’s award-winning suite of DLP, port control and removable media encryption software strengthens our existing portfolio of data encryption and device authentication solutions,” Sprague added.
Wave will retain Safend’s executive team, including Safend Founder Gil Sever.
The $12,761,966 purchase price consisted of $1.1 million in cash and 5,267,374 shares of Wave’s common stock valued at the trailing 10-day average closing price of $2.214 per share. Wave Systems currently has a market cap of approximately $180 Million.
Earlier this week, Wave Systems unveiled a solution that leverages the Trusted Platform Module (TPM), an industry standard security chip, for detecting and mitigating malware and other Advanced Persistent Threats (APTs) that lurk in host systems.