SafeNet to Sell Government Solutions Business; Chris Fedde Comments

Chris Fedde, SafeNet Inc.

SafeNet Inc. has entered into a definitive agreement to sell its government solutions business unit to an undisclosed buyer, the company announced Thursday.

“Over the years, SafeNet’s name has become synonymous with data protection, ”  said Chris Fedde, SafeNet’s president and CEO.

“Today’s announcement will allow us to sharpen our focus and extend our leadership in the growing market of data protection for the cloud and from the cloud, ” he added.

SafeNet said it will have $350 million in revenue after the divestiture and concentrate its investment and product development in data protection, strong authentication for the data center and the cloud.

The transaction is subject to customary closing conditions and requires regulatory approvals.

SafeNet expects to close by the end of 2012.  Financial terms of the agreement will not be disclosed.

SafeNet recently introduced its SafeNet authentication service, a pure-cloud authentication platform and ProtectV, a solution for securing cloud and virtual infrastructure and related data.

The company also introduced SentinelCloud, cloud-based software licensing management and StorageSecure, a multi-gigabit storage data protection appliance.

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