Cryptosoft Acquires Device Authority
On April 21, 2016, UK-based Cryptosoft announced the acquisition of Californian outfit Device Authority. The new “merger” is set to reinforce both firms’ M2M and IoT security offerings (the companies have been successfully working together since October 2015). Cryptosoft will be issuing new “A” ordinary shares to finance the acquisition. In addition, the shareholder behind Device Authority, Alsop Louie Partners, will invest US$500,000, and Crypstosoft’s investment firm Tern will put in GB£1 million to fund business development. The merged entity will be valued at GB£13.6 million. Tern has invested in a number of UK software startups, notably focused on cloud and data management, with Cryptosoft as its first security-focused venture. Alsop Louie Partners already has a number of investments in its security and privacy portfolio, and is behind the successful mobile secure communications app Wickr.
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