PGP Corporation Acquires TC TrustCenter & ChosenSecurityAcquisition accelerates plans to enable trust across multiple security applications
HAMBURG and MENLO PARK, Calif., Feb. 2 /PRNewswire/ -- PGP Corporation, a global
leader in enterprise data protection, and TC TrustCenter today announced that
the companies have signed a definitive agreement under which PGP Corporation
will acquire privately-held TC TrustCenter and its U.S. parent company,
ChosenSecurity. TC TrustCenter, based in Germany, and ChosenSecurity, based in
Newton, Massachusetts, provide an on-demand platform for managing trusted
identities used for encryption, authentication, and secure collaboration.
Organizations of all sizes are struggling to manage a diverse array of security
applications to protect their data, meet compliance mandates and know that
sources are trusted. With today's announcement, PGP Corporation is adding to its
core competency in data protection and now offering managed trusted identities
for encryption, authentication, and secure collaboration. PGP½ customers will be
able to bridge third party security applications with the industry-leading,
standards-based and scalable PGP½ encryption and key management applications
utilizing the PGP½ Platform with its centralized policy engine.
TC TrustCenter's platform enables secure, trusted electronic transactions across
individuals, servers, and mobile devices. Applications such as web-based
banking, rely on TC TrustCenter identities to secure SSL transactions,
authenticate mobile applications, and create legally enforceable digital
signatures. With billions of new network-enabled devices each year and
applications moving to the cloud, the risks to data will only continue to
multiply as will the need for an integrated "trusted data protection" approach
that integrates encryption, key management and identity and access from trusted
vendors such as PGP Corporation, TC TrustCenter and ChosenSecurity.
"Trusted identities are a crucial component for data protection solutions that
secure sensitive data," said Phillip Dunkelberger, president & CEO of PGP
Corporation. "With this acquisition, PGP Corporation is gaining an extensible
platform that will dramatically accelerate its vision of delivering integrated
data protection across vendors, technologies, and devices."
"Internet transactions depend upon a foundation of trust," said Jon Oltsik,
Principal Analyst at Enterprise Strategy Group. "With its acquisition of TC
TrustCenter and ChosenSecurity, PGP Corporation is establishing itself as a
provider of globally trusted identities for not only its own applications, but
other high value applications and transactions. PGP Corporation now owns an
enabling technology for secure trusted Internet communications."
Over the past decade, TC TrustCenter has gained a reputation in Europe as a
leading provider of managed trust services for the financial, automotive and
utilities sectors. TC TrustCenter's deep expertise delivering managed services
will complement PGP Corporation's own expertise building automated,
policy-driven data protection products.
"TC TrustCenter's managed PKI solution provides the foundation for a wide
variety of data protection applications," said Dr. Sabine Kockskamper, Managing
Director and co-founder of TC TrustCenter. "We're delighted to be joining forces
with PGP Corporation to build new solutions that combine our managed services
with their data protection applications."
"PGP Corporation and TC TrustCenter share a product vision about making security
usable and easily adopted by enterprise customers for maximum flexibility, ease
of deployment, and administration," added Bob Steinkrauss, President & CEO of
ChosenSecurity. "By acquiring ChosenSecurity and TC TrustCenter, PGP Corporation
is gaining a unique software-as-a-service offering that addresses customer's
needs for simple and flexible security solutions that can be deployed, scaled,
and adapted as their needs change."
Following the acquisition, ChosenSecurity and TC TrustCenter will continue to
sell and support their existing products, and will develop new offerings that
integrate with PGP Corporation's product line. PGP Corporation has appointed
Rajiv Dholakia as the General Manager of the newly formed division.
Terms of the transaction were not disclosed.
About PGP Corporation
PGP Corporation is a global leader in email and data encryption software for
enterprise data protection. Based on a unified key management and policy
infrastructure, the PGP½ Encryption Platform offers the broadest set of
integrated applications for enterprise data security. PGP½ platform-enabled
applications allow organizations to meet current needs and expand as security
requirements evolve for email, laptops, desktops, instant messaging,
smartphones, network storage, file transfers, automated processes, and backups.
PGP½ solutions are used by more than 100,000 enterprises, businesses, and
governments worldwide, including 95 percent of the Fortune½ 100, 75 percent of
the Fortune½ Global 100, 87 percent of the German DAX Index, and 51 percent of
the U.K. FTSE 100 Index. As a result, PGP Corporation has earned a global
reputation for innovative, standards-based, and trusted solutions. PGP solutions
help protect confidential information, secure customer data, achieve regulatory
and audit compliance, and safeguard companies' brands and reputations. Contact
PGP Corporation at www.pgp.com.