WASHINGTON, Oct. 20 (UPI) — Thales Group has announced plans to acquire California-based data protection company Vormetric for $400 million to expand its cybersecurity operations.
The transaction is subject to customary closing conditions, and is expected to complete during the first quarter of 2016. Thales aims to use Vormetric assets to expand their cybersecurity product development. The company says Vormetric technologies will work well with Thales e-Security activies, which already protect network data for 19 of the 20 largest banks in the world.
“The acquisition of Vormetric is a great opportunity to accelerate the growth of our cybersecurity activities,” said Thales CEO and Chairman Patrice Caine in a statement. “Combining Thales critical IT systems protection capabilities with Vormetric’s know-how in data protection will create a global leader in data security, offering comprehensive solutions for protecting enterprises against cybersecurity threats.”
Vormetric was founded in San Jose, Calif., in November 2001, and provides cyberseucrity products. Their products are able to be deployed individually while also being centrally managed, including file-level encryption, application-layer encryption, tokenization, cloud encryption gateway, integrated key management, and security intelligence logging. Alan Kessler, President and CEO of Vormetric says the current cybersecurity environment calls for extensive growth of data protection services.
“The opportunity to join Thales has come at a time when the world is focused on data to enable business due to the explosive growth of mobile, cloud and social media,” Kessler said. “Jointly we are in a unique position to offer leading security solutions to protect data, while broadening the support to our customers and partners globally.”
Vormetric services over 1,500 entities including over half of the top 30 companies in the United States.
Comment count on this article reflects comments made on Breitbart.com and Facebook. Visit Breitbart's Facebook Page.