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Trusted Information sold
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February 23, 1998: 9:28 a.m. ET
Network Associates adds technology security firm in $300 million purchase
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NEW YORK (CNNfn) - Two of the largest security software companies, Network Associates Inc. and Trusted Information Systems Inc., said Monday they will merge in an agreement valued at approximately $300 million.
With the acquisition, Network Associates, based in Santa Clara, Calif., will become the top maker of security software. The company was formed last year by the merger of McAfee Associates and Network General. In December 1997, Network Associates acquired encryption software company Pretty Good Privacy.
Network Associates' offerings include the top-selling McAfee VirusScan software, along with PGP Total Network Security and Sniffer Total Network Visibility packages.
Trusted Information shareholders will get 0.323 share of Network Associates (NETA) for each TIS share (TISX). Network Associates closed up 13/16 at 62-9/16 Friday while Trusted Information was up 1-3/4 to 12-5/8.
Trusted Information, headquartered in Glenwood, Md., also makes software aimed at securing computer networks. Its widely-used Gauntlet firewall technology is used to protect network connections. Other TIS products include Stalker computer misuse detection software and related security consulting and training services.
Both companies' boards have approved the merger, and the deal is expected to be completed during the next three months, pending regulatory and shareholder approval.
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