NetScreen Technologies Inc. has signed a definitive agreement to acquire Neoteris Inc., which sells SSL VPN and security gateway products, for approximately $245 million in stock and $20 million in cash. Upon the achievement of certain revenue milestones, NetScreen will pay Neoteris stockholders and option holders up to an additional $30 million in cash.
"While IPSec is the best technology for site-to-site VPN deployments, we believe Neoteris' advanced SSL VPN solutions will become the preferred solution for new, and expansion of existing, remote access deployments," says Robert Thomas, president and CEO of NetScreen. "This acquisition will not only strengthen our portfolio of end-to-end security offerings, it will allow us to drive adoption of SSL VPN technology as the preferred option for remote access deployments and position NetScreen for success in this growing market."
Neoteris has more than 550 customers, including large enterprises and organizations, such as Deutsche Bank, Borland Software Corporation, SAS, and others, as well as approximately one million users worldwide.
In addition to its SSL VPN solutions, Neoteris' application security gateways will bring to NetScreen's portfolio new access management functionality, including the ability to implement forms- and header-based Web single sign-on, password management integration and cross-enterprise online meeting functionality.
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