SAN FRANCISCO – April 12, 2007 –
Vector Capital today announced that it has completed the acquisition of SafeNet, Inc. (NASDAQ: SFNT) in a transaction valued at approximately $634 million. The two-step acquisition consisted of a tender offer by Stealth Acquisition Corp., an affiliate of Vector, for all outstanding shares of SafeNet, Inc. into which more than 83% of the outstanding common shares of the Company were tendered and not withdrawn, followed by a merger of Stealth Acquisition Corp. with and into SafeNet.
Chris Nicholson, a Partner at Vector, said, "Vector is delighted to add a company of SafeNet's caliber to its exceptional portfolio of established technology companies. We look forward to guiding SafeNet and its team of talented professionals through this transition and to helping the Company continue to achieve its goal of providing leading security solutions to both its Government and Commercial customers."
David Fishman, a Principal at Vector commented "We look forward to working with SafeNet and its employees to build on the Company's technology strengths and deep customer relationships. We are confident that, as a private company, SafeNet will be better positioned to capitalize on market opportunities and compete more effectively."
Chris Fedde, SafeNet's President and COO, remarked, "Vector Capital is a leading technology private equity firm and we are extremely excited to have the opportunity to work with them. Their long-term capital, technology focus and resources will greatly benefit SafeNet and our customers."About Vector Capital
Vector Capital is a leading private equity firm specializing in buyouts, spinouts and recapitalizations of established technology businesses. Vector identifies and pursues these complex investments in both the private and public markets. Vector actively partners with management teams to devise and execute new financial and business strategies that materially improve the competitive standing of these businesses and enhance their value for employees, customers and shareholders. Among Vector's notable investments are Savi Technology, LANDesk Software, Corel Corporation (Nasdaq: CREL), Register.com, and Watchguard Technologies. For more information, visit www.vectorcapital.com
About SafeNet, Inc.
SafeNet is a global leader in information security. Founded more than 20 years ago, the company provides complete security utilizing its encryption technologies to protect communications, intellectual property and digital identities, and offers a full spectrum of products including hardware, software, and chips. UBS, Nokia, Fujitsu, Hitachi , Bank of America, Adobe, Cisco Systems, Microsoft, Samsung , Texas Instruments, the U.S. Departments of Defense and Homeland Security, the U.S. Internal Revenue Service and scores of other customers entrust their security needs to SafeNet. For more information, visit www.safenet-inc.com