Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Data Protection

Wave Systems Acquires Data Loss Protection Vendor Safend

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.

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.

Wave Systems LogoThe 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.

Advertisement. Scroll to continue reading.
Written By

For more than 15 years, Mike Lennon has been closely monitoring the threat landscape and analyzing trends in the National Security and enterprise cybersecurity space. In his role at SecurityWeek, he oversees the editorial direction of the publication and is the Director of several leading security industry conferences around the world.

Click to comment

Trending

Daily Briefing Newsletter

Subscribe to the SecurityWeek Email Briefing to stay informed on the latest threats, trends, and technology, along with insightful columns from industry experts.

Join the session as we discuss the challenges and best practices for cybersecurity leaders managing cloud identities.

Register

SecurityWeek’s Ransomware Resilience and Recovery Summit helps businesses to plan, prepare, and recover from a ransomware incident.

Register

Expert Insights

Related Content

Application Security

Cycode, a startup that provides solutions for protecting software source code, emerged from stealth mode on Tuesday with $4.6 million in seed funding.

Data Protection

The cryptopocalypse is the point at which quantum computing becomes powerful enough to use Shor’s algorithm to crack PKI encryption.

Cybersecurity Funding

SecurityWeek investigates how political/economic conditions will affect venture capital funding for cybersecurity firms during 2023.

CISO Strategy

SecurityWeek spoke with more than 300 cybersecurity experts to see what is bubbling beneath the surface, and examine how those evolving threats will present...

CISO Conversations

Joanna Burkey, CISO at HP, and Kevin Cross, CISO at Dell, discuss how the role of a CISO is different for a multinational corporation...

Artificial Intelligence

The CRYSTALS-Kyber public-key encryption and key encapsulation mechanism recommended by NIST for post-quantum cryptography has been broken using AI combined with side channel attacks.

CISO Conversations

In this issue of CISO Conversations we talk to two CISOs about solving the CISO/CIO conflict by combining the roles under one person.