U.K. encryption specialist Reflex Software has been bought by Swedish company Protect Data for £12.5 million (AUD$32 million) in cash.
The private U.K. company, which includes subsidiary Reflex Magentics, is a small player by global standards but is still one of the U.K.'s most established endpoint and encryption software companies, having been around since 1985.
While Protect Data is an unknown name in the security space, its Pointsec subsidiary has become a recognized brand in the field of mobile security and encryption.
The deal, confirmed last week, will see the price rise by a further £2.5 million, depending on unnamed targets being met by the current management by 31 March next year. The company currently has 33 employees and a £3.1 million turnover, and will now be integrated into the Pointsec portfolio.
"Pointsec customers are increasingly looking for port and device control solutions, and Reflex Magnetics has long since established itself as a leader in this area," said Protect Data's CEO Peter Larsson.
Reflex Magnetics' main product is its business-oriented Disknet Pro software. It features port control, and the ability to block peripherals, which have become a growing worry for network sysadmins worried about data theft. It has gained market share in public sector organizations.