In a move to broaden its Internet security product range, computer network security company CyberGuard Corp. agreed Monday to acquire German Web filtering provider Webwasher AG.
Under the deal, CyberGuard will pay US$40 million in cash and stock, and up to an additional $10 million in stock if Webwasher achieves certain revenue and profit targets, the company said in a statement.
The Webwasher acquisition follows CyberGuard's US$16 million purchase in November of SnapGear Inc., a developer of Linux-based security and firewall security appliances. Earlier in the 2003 the U.S. security specialist paid US$1.5 million for some assets of NetOctave Inc., a supplier of silicon-based network security systems. NetOctave manufactures security processors and accelerator boards and cards for SSL (Secure Sockets Layer) and IPSec (Internet Protocol security) markets.
The core market of Webwasher, in Paderborn, Germany, is Central Europe, where CyberGuard is keen to expand its presence, according to statements published on CyberGuard's Web site.
Webwasher, which was founded in 1999 by German electronics giant Siemens AG and later spun off as a separate company, provides Internet security solutions for enterprises, educational institutions and government agencies. The company offers a range of Web filtering tools including URL, antispam, antivirus and instant message filters, as well as an SSL scanner.
Webwasher will operate as an wholly owned and independently managed division of CyberGuard.
CyberGuard builds firewall and VPN (virtual private network) systems.