NEWS: investor.msn.com
RFID Systems Corporation Expands Into Worldof Electronic Commerce With Announcement of Agreement to AcquireInternet Security Products and Technology
July 29, 1998 07:39 PM
SAN JOSE, Calif.--(BUSINESS WIRE)--July 29, 1998--RFID Systems Corporation (the "Company") RFID announced today its expansion into the world of electronic commerce.
The Company has signed an agreement whereby it will acquire from SkyHook Securities Inc. and Seal Software Inc. all products, technology and proprietary rights relating to Internet security software components and systems developed by SkyHook and Seal. Terms of the acquisition were not disclosed.
"With today's news, RFID Systems demonstrates its intention to deliver world-class enterprise and Internet security products to the global market," said Gordon Bell, Chairman of RFID Systems Corporation. He added, "As the market for electronic commerce continues to explode worldwide, so does the need for security. We believe that our new product line offers some unique features that will enhance the security of e-commerce transactions."
SkyHook's product suite, designed to provide a secure, cost effective Internet commerce solution, can be easily installed on existing computer systems. The product line includes:
-- A software product designed as an add-on to Unix Internet servers
that reduces the threat of external attacks compromising the
server.
-- An HTML based email package that virtually guarantees secure
transmission and delivery of business-to-business email, without
the need to maintain public keys.
-- A secure online stock trading software package.
-- Software programs that allow secure commerce on the Internet by
determining whether a purported client entering a web site is
genuine.
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Dr. Lynn Spraggs, SkyHook's founder said, "RFID Systems will provide the channels necessary to successfully market our Internet security products. I look forward to working with the Company's management team to enhance our existing systems and develop innovative products to meet the challenge of providing secure commerce over the Internet."
RFID Systems Corporation develops and markets software and systems that provide secure identification of people and assets. RFID Systems' computer and network security products utilize the Company's proven radio frequency identification technology to provide extremely high levels of security for corporate and individual computer users, corporate Intranets, and the public Internet.
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