To All News Finally!!!
Wave Systems Acquires N*ABLE Technologies
Business Wire - July 28, 1999 10:39
LEE, Mass./DANVERS, Mass.--(BUSINESS WIRE)--July 28, 1999--
Merged Company Well Positioned to Lead Evolution of E-Commerce
Services Delivered to Secure PC Platforms
Wave Systems Corp. (NASDAQ:WAVX; wave.com), a provider of electronic commerce, content distribution and security services, today announced it has completed the acquisition of all outstanding shares of capital stock of N*ABLE Technologies (www.nabletech.com), a security solutions company based in Danvers, Mass., for 2,781,263 shares of Wave's Class A Common Stock. The acquisition marks the combination of the two principal companies championing secure transactions and e-commerce services based on programmable hardware in PCs and other peripherals. The acquisition is expected to result in the acceleration of both Wave's business plans and the timeframe by which OEMs will be able to ship secure PCs.
"The combination of these two companies offers an essential security solution for the PC OEM industry as well as for the e-commerce market in general," said Steven Sprague, president of Wave Systems. "As it stands today, we see the need to complement the conventional server-based e-commerce approach with a fully capable client solution for flexibly and simultaneously supporting millions of secure transactions, particularly those of high band-width content like software, movies and music. It is this factor, as well as the limitations of current software based security, that have created the opportunity for the new security and e-commerce paradigm that both Wave and N*ABLE encourage."
By acquiring N*ABLE, Wave secures new key business development relationships in the PC manufacturer, financial services and business-to-business market sectors. These relationships both complement and expand upon Wave's content distribution, Internet publishing and consumer services initiatives. The acquisition also enhances the Company's existing engineering resources and business application security skills, creating greater critical mass in the effort to build a broadly supported network of trusted client devices. The acquisition positions Wave as the leading force in distributed, programmable hardware-based security and e-commerce services.
Jeffrey Grammer, CEO of N*ABLE, commented, "We are pleased to join Wave and believe strongly in the vision shared by both companies as well as the benefits of combining our product and service offerings under one roof. We also see substantial opportunities to create shareholder value in rolling out our hardware-based services to a growing base of PCs and other end-user devices in the coming quarters and years." (more)
About N*ABLE Technologies:
N*ABLE Technologies produces hardware-based security solutions for the protection of sensitive user data within network client systems. N*ABLE has developed a security architecture that defines a trusted hardware platform residing in a secure peripheral device, which is connected to the traditional PC. At the heart of this trusted platform is a hardware-based security co-processor that manages the secure transfer of sensitive payment, or personal information to and from the PC. Building upon this architecture that includes secure, trusted smart card readers, low-cost smart cards, and digital certificates, N*ABLE is now developing a family of security co-processors to be embedded within PC peripherals including keyboards and stand-alone smart card readers. The first of these devices is the N*CLICK security co-processor and keyboard/smart card controller. N*ABLE plans to subsequently port its security architecture to any consumer device that connects to the Internet. Founded in 1996, N*ABLE Technologies' headquarters is located in Danvers, Massachusetts, with offices in Cupertino, California and Bouguenais, France.
About Wave Systems Corp:
Founded in 1988, the mission of Wave Systems Corp. is to create the world's best technologies and services to secure and sell digital information. Wave's core EMBASSY technology is an inexpensive, open hardware and software-based device that enables secure transaction processing and distributed information metering in users' devices. Embedded in PC hardware and peripherals, set-top boxes and other devices, EMBASSY is the foundation for client-based security applications and a new distribution and purchasing model for content and services. This low-cost, secure "system within a system" will enable the personal computer and consumer appliances to assume an important new role in the evolving digital economy. By moving secure transactions to the user, Wave provides intrinsic value to the electronic commerce process, benefiting PC users, application developers, and hardware manufacturers. For more information, please visit Wave's corporate web site at www.wave.com.
Safe Harbor for Forward-Looking Statements
Except for the statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to fund operations, the loss of market share, changes in consumer buying habits and other factors over which Wave Systems Corp. has little or no control.
CONTACT: Aaron Feigin
Wave Systems Corp.
Afeigin@wavesys.com
408/261-9510
or
David Collins, William Lee
Jaffoni & Collins
wavx@jcir.com
212/835-8500
|
