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CyberGuard Completes Webwasher Acquisition
CyberGuard Corporation announced that it has completed the acquisition of German high-end content security vendor Webwasher AG. Named the fastest-growing Web filtering provider by research firm IDC, Webwasher develops and markets standalone and integrated solutions for Internet content security and filtering, including URL filtering, e-mail and spam filtering, virus protection, SSL filtering, Instant Message/Peer-to-Peer blocking and Internet usage reporting.
"We are acquiring an industry leader in the very important secure content management segment of the information security market," said Pat Clawson, chairman and chief executive officer of CyberGuard. "This move makes our security offering even more attractive to Global 1000 and government customers around the world. This should enhance sales, open new distribution avenues and add to our bottom line in the months and years ahead."
The transaction, which was announced Monday, April 26, 2004, amounts to $40 million of which $8 million is in cash and the remainder in stock. There is additional earnout potential of $10 million in stock subject to Webwasher achieving certain revenue and profit targets through CyberGuard's fiscal year ending June 30, 2005. CyberGuard anticipates that the transaction will be accretive to earnings per share.
"CyberGuard's strong application firewalls and VPNs and Webwasher's industry-leading application-level content filtering solution enable companies to securely and productively use the Internet for business transactions, research, e-commerce and e-mail," stated Clawson. "Companies can be more productive and more secure. They can stop spam, protect against today's dangerous and sophisticated worms and viruses, and prevent employees from visiting dangerous or inappropriate Web sites at work. This is a winning combination." 30.04.2004, CyberGuard Corporation
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