AIX-EN-PROVENCE, France & SAN DIEGO -- Inside Secure (Euronext Paris:INSD), at the heart of security solutions for mobile and connected devices, today announced the successful completion of the acquisition of Verimatrix.
The combination accelerates the company’s strategic roadmap, offering an improved value proposition for its customers with an expanded reach to securely transform connected services across a broad range of markets. This combination creates a unique offering in the entertainment security market, a reinforced position in software and hardware security for the mobile, internet of things (IoT) and connected cars markets, and new growth opportunities in big data and business analytics applications. The combined company enables success through trusted business insights and easy to use security solutions.
The combined company is led by an established leadership team that reflects the strengths and capabilities of both companies under the leadership of Amedeo D’Angelo, with the objective to support a smooth and efficient cultural and business integration and grow the business. Steve Oetegenn, who has served as president and chief sales and marketing officer of Verimatrix, was appointed chief operating officer for the combined company.
For 100% ownership of Verimatrix stock, Inside Secure paid, at closing, $138.1 million in cash and an additional amount of $9.8 million set in escrow to cover (i) potential post-closing adjustments and (ii) an earn-out, estimated to be $8 million. The final amount of the earn-out will be known in the second quarter of 2019 following completion of year-end audit of Verimatrix earnings.