Senetas takes majority stake in CTAM

Melbourne-based IT investment and venture capital company Senetas has acquired a 51 per cent interest in CTAM Pty Ltd, a developer of security products for virtual private networks and asynchronous transfer mode (ATM) networks.

The acquisition will involve a payment of $1.5 million and an issue of 3,416,667 shares in Senetas to existing shareholders of CTAM together with a further subscription of $1 million for shares in CTAM by Senetas. A further issue of shares in CTAM to parties other than Senetas will also be made, to raise an additional $1 million. The acquisition is subject to due diligence and Senetas' shareholder approval.

As part of the acquisition, Senetas has secured the US licensing rights for CTAM's products. The existing management team of CTAM led by its CEO and founder, Peter Sim, will remain in place.

The acquisition will enable CTAM to expand into the US government, financial and corporate markets. It will also aid in the continuing development of the company's internet security technology. For Senetas, CTAM and its products will complement its IT security portfolio. The company, previously known as Secure ID_Net, changed its name to Senetas in October.

CTAM develops high-speed security hardware for internet-based VPNs and ATM networks. Its clients include governments, financial institutions and large corporations.

The company claims that it is the first Australian company to have a security product evaluated under the new Common Criteria international security evaluation program. Accreditation to the Common Criteria enables CTAM to list its products on the Evaluated Products lists of the US, Canada, the UK, Germany, the Netherlands, France, Australia and New Zealand.

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