ActivCard completes Protocom acquisition
ActivCard Corp. (Nasdaq: ACTI) today announced that it has completed its acquisition of Protocom Development Systems Pty. Ltd. on August 5, 2005.
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Protocom provides its award winning SecureLogin eSSO software to more than 600 customers globally. ActivCard products utilizing Protocom's technology are available from ActivCard sales teams worldwide.
ActivCard paid $21.0 million in cash and issued 1.65 million shares of its common stock at closing to the shareholders of Protocom. Additionally, up to 2.1 million shares will be payable on the achievement of an $18.7 million revenue milestone as set forth in the agreement.
"With this acquisition, ActivCard is positioned for growth and the ability to leverage each company's customers, channels, partners and technology. ActivCard will capitalize on Protocom's recognized leadership in enterprise single sign-on solutions (eSSO)," said Ben C. Barnes, Chief Executive Officer of ActivCard. "ActivCard has implemented a detailed integration plan and expects to complete all significant activities within the next 90 days."