SafeNet

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SafeNet, Inc.
Type Private
Industry Information security
Founded Timonium, Maryland 1983 (1983)
Headquarters Belcamp, Maryland, United States
Key people

Prakash Panjwani, President and CEO
Phil Saunders, Executive Vice President and Chief Revenue Officer
John McCabe, CFO
Diane Smith, VP, Human Resources
Tsion Gonen, Chief Strategy & Marketing Officer
Jan Manning, Corporate Vice President & CIO
Diane Pewitt, Corporate Vice President, Global Operations
Steve Walsh, Corporate Vice President, Quality and Business Process Improvement
Slawek Ligier, CTO & Corporate Vice President, Product Development
Sean Price, Corporate Vice President, Business Development

Shlomo Weiss, General Manager, Software Monetization
Products Encryption, Semiconductor IP, Electronics, Software monetization, Software as a Service, Hardware Security Modules, Authentication, Security tokens
Employees 1,600 (2011)
Parent Vector Capital
Divisions Data Protection, Software Monetization
Website www.safenet-inc.com
SafeNet Israel Development Center

SafeNet, Inc. is an information security company based in Belcamp, Maryland, United States. It is notably one of the largest suppliers of encryption technology to the United States Government.[1]

The company's products are used in wide-area networks, wireless networks, digital rights management, and other applications.[2] Annual revenues are in the $300 million range[3] and the company employs about 1,600 people.[4]

On 8 August 2014, Gemalto announced that it had signed a definitive agreement to acquire 100% of the share capital of SafeNet from Vector Capital for US$890 million on a debt free/cash free basis.[5]

History[edit]

SafeNet, Inc was founded in 1983 as Industrial Resource Engineering by two NSA engineers and one entrepreneur name Anthony A Caputo. In 1989 went public in an IPO. The company is now the fifth largest vendor in the security market and third largest provider of information security solutions in the world with revenues ~$500M.[6]

Options Backdating Controversy[edit]

In 2006 SafeNet got caught up in the options backdating controversy. As a result both the Chief Executive Officer and the Chief Financial Officer resigned and in 2008 the company's former CFO was sentenced to six months in prison for manipulating employee stock options.[7][8][9]

Timeline[edit]

  • 1983: Industrial Resource Engineering founded.
  • 1987: IRE renamed to Information Resource Engineering
  • 1989: IRE's IPO raised $4 million
  • 1989: IRE listed in Nasdaq
  • 1994: IRE acquired Connective Strategies, Inc.
  • 1995: IRE released their first VPN system, called SafeNet
  • 1996: IRE renamed to SafeNet, Inc. after the VPN product line
  • 2002: SafeNet acquired a Dutch company Securealink
  • February 2003: SafeNet acquired Cylink and Raqia Networks
  • October 2003: SafeNet acquired the OEM business of SSH Communications Security[10]
  • March 2004: SafeNet acquired Rainbow Technologies
  • December 2004: SafeNet acquired Datakey, Inc
  • April 2005: SafeNet acquired DMDSecure B.V.
  • June 2005: SafeNet acquired MediaSentry
  • December 2005: SafeNet acquired Eracom Technologies AG
  • 2006: SafeNet got caught up in the options backdating controversy (see above)
  • April 2007: a Californian equity company Vector Capital bought the firm for $634 million, making it private[11]
  • April 2008: SafeNet acquired Ingrian Networks, Inc.
  • May 2008: SafeNet acquired Beep Science AS
  • March 2009: SafeNet parent company, Vector Capital acquired Aladdin Knowledge Systems[12]
  • April 2009: SafeNet sold MediaSentry to ArtistDirect
  • December 2009: SafeNet acquired Assured Decisions, LLC[13]
  • December 2012: SafeNet sold its Government Solutions business unit to Raytheon
  • August 2014: SafeNet announced it is to be aquired by Gemalto by the 4Q 2014[14]

SafeNet Government Solutions, LLC (formerly Mykotronx)[edit]

The former Rainbow Technologies subsidiary SafeNet Government Solutions, LLC formerly SafeNet Mykotronx is still based in Torrance, California with offices in Irvine, California and Columbia, Maryland.[15] SafeNet Government Solutions, LLC has been operationally merged into SafeNet and the lines between the two organizations have been intentionally blurred due to financial reasons. SafeNet Government Solutions is no longer considered a subsidiary.

SafeNet Government Solutions, LLC formerly Mykotronx provides INFOSEC and COMSEC technology for the US government. The firm has an indefinite-delivery, indefinite-quantity contract for its KIV-7 line of commercial off-the-shelf cryptographic devices that provide protection for digital and voice communications through TOP SECRET, used by agencies such as the NSA and the NRO.[16]

Other SafeNet Government Solutions, LLC products include the KOV-14 Fortezza Plus PC card which was developed as part of the NSA's NSSI program and is used on Secure Terminal Equipment.[17] They previously developed the clipper chip.[18][19]

The company was founded in 1979 as Myko Enterprises. It changed its name to Mykotronx, Inc in 1987 and merged with SafeNet as part of the SafeNet merger with Rainbow in 2004.[20]

Aladdin Knowledge Systems[edit]

In 2009, Vector Capital acquired Aladdin Knowledge Systems, and placed it under SafeNet with the annotation of 'under common management'. In 2010, the two companies were officially merged.

References[edit]

External links[edit]