Vasco, a provider of digital identity tokens, is to sell its Vacman Enterprise business to SecureD Services, a newly-organised consulting and managed security services company.
SecureD is purchasing the Vasco business, formerly known as Snareworks, for $2 million in stock and a share of net profits for three years after the sale. The transaction is expected to close in the next quarter.
Vasco says it will continue to sell, support, maintain, and develop its Vacman and Digipass strong user authentication.
In its Q3 2001 quarterly result statment, Vasco announced "a substantial restructuring which will permit the company to refocus its resources on its core business: strong authentication and digital signature, and secure Internet, corporate network and remote access".
As a result, the high-end Snareworks product line was deemed to not fit the company's new focus and was put in maintenance mode. Vasco concentrated its sales and R&D resources on new and existing Digipass products and the further development of the remaining Vacman product line for authentication and digital signatures.