SAN FRANCISCO—(BUSINESS WIRE)—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shares of SafeNet, Inc. into which more than 83% of the outstanding common shares of the Company were tendered and not withdrawn, followed by a merger of Stealth Acquisition Corp.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
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.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995
The statements contained in this release, which are not historical
facts, are forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These statements are subject to uncertainties
that could cause actual results to differ materially from those set
forth in or implied by forward-looking statements. Important factors
that could cause actual results to differ materially are included but
are not limited to those listed in SafeNet's periodic reports and
registration statements filed with the Securities and Exchange
Commission. The Company assumes no obligation to update information
concerning its expectations.