Gemalto today announced it is buying data protection company SafeNet for $890 million.
The deal to acquire 100 percent of the SafeNet’s share capital from Vector Capital will allow Gemalto to leverage SafeNet’s encryption services, authentication servers and authentication as a service, and its software license management and monetization solutions.
SafeNet will be integrated with Gemalto’s Payment & Identity business.
“This will enable us to further accelerate the deployment of strong security solutions in the Enterprise sector, and expand our technologies and growth opportunities in protecting online access,” Gemalto CEO Olivier Piou said in a statement.
SafeNet counts Bank of America, Cisco, Dell, Hewlett-Packard, Netflix and Starbucks among the companies using its data security applications.
The companies are touting the enhancing data security their combined offerings can provide, noting that 2014 has already seen 400 million digital data records lost or stolen.