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SINGAPORE: Internet security providers Check Point Software Technologies Ltd., and anti-intrusion solutions provider Sourcefire, Inc., on Thursday announced a definitive agreement for Check Point to acquire privately held Sourcefire for a total consideration of approximately US$225 million.
The transaction consideration includes cash and assumption of the Sourcefire stock option plan. The agreement has been approved by the boards of directors of both companies and the stockholders of Sourcefire. The acquisition is subject to closing conditions including the Hart-Scott-Rodino Antitrust Improvements Act of 1976 ("HSR") and Exxon-Florio Act of 1988 and is expected to close by Q106 shortly after receiving regulatory approvals.
The Sourcefire acquisition is expected to further strengthen Check Point's perimeter, internal, Web and endpoint security portfolio and to expand its opportunity to take advantage of the fast-growing intrusion prevention and network awareness Internet security segments. Additionally, Check Point will gain access to the talent of Sourcefire employees, and strengthen its relationship with Sourcefire enterprise customers and the Snort community with tens of thousand of users worldwide.
"We believe Sourcefire has world-class solutions for internal security through their Intrusion Sensor, Real-time Network Awareness (RNA), and Defense Center product lines. These align perfectly with Check Point's vision for internal security and are ideal complements to our InterSpect(TM) and Integrity(TM) solutions," said Gil Shwed, chairman and CEO of Check Point Software Technologies. "Both companies share a deep commitment to customers, and this acquisition will enable us to deliver the industry's most comprehensive end-to-end Internet security to all types of customers -- from consumers to the largest enterprises."
"Our shared passion for excellence and Check Point's commitment to Sourcefire's products, partners, customers and the Snort community were paramount in making this decision," said Wayne Jackson, CEO of Sourcefire.
In a separate release, Check Point announced that it would release its financial results for the third quarter of 2005 on October 28 and provided a preview of the results.
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