Tectia Acquires Mobile Authentication & Signing Business
Helsinki, Finland - Tectia Corporation, formerly SSH Communications Security Corp. (HEL: TEC1V), the market maker in real-time security software for modern, networked organizations, announced the acquisition of a mobile authentication business from Siltanet Corporation.
Operators, financial institutions, governmental organizations and enterprises are facing an increased need for strong mobile user authentication. The acquired business involves mobile authentication and signing solution that provides enterprises and software and cloud service providers the fastest enablement of strong authentication of users combining enterprise class scalability with ease of deployment and use. This solution is branded as Tectia MobileID.
Tectia MobileID server supports the widest set of authentication methods in the market in a single server or service, providing cost efficient and strong authentication to Web e-Mail, SSL-VPN, MS SharePoint, Tectia Secure Solutions and other key company applications and resources. Tectia MobileID two-factor authentication methods include a mobile phone or other compatible device, e-mail, token or on-the-fly generated one-time-password list.
Purchase price includes Tectia Corporation directed share issue to the seller Siltanet Corporation (647,059 new Tectia Corporation shares about 2.1% of total shares). In addition to this Tectia Corporation pays Siltanet Oy 50,000 euros in cash and transfers liability of Siltanet Oy TEKES capital loan worth 107,304 euros to Tectia Corporation. Siltanet Oy also has a right to an additional purchase price of 100,000 new Tectia Corporation shares provided that certain business growth conditions have been realized in the future.
As a part of the acquisition and Siltanet Corporation has subscribed all the shares. A notification about the share capital increase has been filed in the Trade Register. Once registered Tectia Corporation's share capital will be 916,446.24 euros and the total number of shares 30,548,208.
Tectia Corporation (formerly SSH Communications Security Corp.) is the market maker in real-time security software solutions for modern, networked organizations. We create an invaluable Circle of Trust for our customers and their stakeholders by securing, automating, managing and sharing confidential information with Tectia solutions in fixed, mobile, and cloud environments.
We enable and enhance business for thousands of customers in multiple industries in the private and public sectors around the world. We operate in the Americas, Europe, and APAC regions, with headquarters located in Helsinki, Finland. The company was established in 1995, and holds 14 patents. Its shares are quoted on the NASDAQ OMX Helsinki. More information is available at www.tectia.com