US-based Vasco Data Security International is to acquire privately-held Australian security software company Identikey for US$3 million in an all-shares transaction.
Identikey's family of Web security software products allow corporations, financial institutions, and governments to quickly secure access to Web portals with strong authentication, authorisation, and management capabilities.
Vasco will market and sell the Identikey product family under its SnareWorks brand, merging the companies' sales and development operations worldwide. Mark Kefford, Identikey's founder and president, will also join Vasco's management team.
Mario Houthooft, president and CEO of Vasco, says: "Our acquisition of Identikey will bring affordable and easy-to-implement Web portal security within the reach of any corporation, financial institution, or government agency wishing to conduct business on the Internet, safely and securely."
International Data Corporation expects the market for authentication, authorisation, and administration software to rise to $7.1 billion by 2004, up from $2.1 billion in 1999.