Vector Capital Completes Acquisition of SafeNet, Inc.
April 12 2007 - 9:28AM
Business Wire
Vector Capital today announced that it has completed the
acquisition of SafeNet, Inc. (NASDAQ: SFNT) in a transaction valued
at approximately $634 million. The two-step acquisition consisted
of a tender offer by Stealth Acquisition Corp., an affiliate of
Vector, for all outstanding shares of SafeNet, Inc. into which more
than 83% of the outstanding common shares of the Company were
tendered and not withdrawn, followed by a merger of Stealth
Acquisition Corp. with and into SafeNet.. Chris Nicholson, a
Partner at Vector, said, �Vector is delighted to add a company of
SafeNet�s caliber to its exceptional portfolio of established
technology companies. We look forward to guiding SafeNet and its
team of talented professionals through this transition and to
helping the Company continue to achieve its goal of providing
leading security solutions to both its Government and Commercial
customers.� David Fishman, a Principal at Vector commented �We look
forward to working with SafeNet and its employees to build on the
Company�s technology strengths and deep customer relationships. We
are confident that, as a private company, SafeNet will be better
positioned to capitalize on market opportunities and compete more
effectively.� Chris Fedde, SafeNet�s President and COO, remarked,
�Vector Capital is a leading technology private equity firm and we
are extremely excited to have the opportunity to work with them.
Their long-term capital, technology focus and resources will
greatly benefit SafeNet and our customers.� About Vector Capital
Vector Capital is a leading private equity firm specializing in
buyouts, spinouts and recapitalizations of established technology
businesses. Vector identifies and pursues these complex investments
in both the private and public markets. Vector actively partners
with management teams to devise and execute new financial and
business strategies that materially improve the competitive
standing of these businesses and enhance their value for employees,
customers and shareholders. Among Vector�s notable investments are
Savi Technology, LANDesk Software, Corel Corporation (Nasdaq:
CREL), Register.com, and Watchguard Technologies. For more
information, visit www.vectorcapital.com. About SafeNet, Inc.
SafeNet is a global leader in information security. Founded more
than 20 years ago, the company provides complete security utilizing
its encryption technologies to protect communications, intellectual
property and digital identities, and offers a full spectrum of
products including hardware, software, and chips. UBS, Nokia,
Fujitsu, Hitachi, Bank of America, Adobe, Cisco Systems, Microsoft,
Samsung, Texas Instruments, the U.S. Departments of Defense and
Homeland Security, the U.S. Internal Revenue Service and scores of
other customers entrust their security needs to SafeNet. For more
information, visit www.safenet-inc.com. "Safe Harbor" Statement
under the Private Securities Litigation Reform Act of 1995 The
statements contained in this release, which are not historical
facts, are forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These statements are subject to uncertainties
that could cause actual results to differ materially from those set
forth in or implied by forward-looking statements. Important
factors that could cause actual results to differ materially are
included but are not limited to those listed in SafeNet's periodic
reports and registration statements filed with the Securities and
Exchange Commission. The Company assumes no obligation to update
information concerning its expectations.
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