STOCKHOLM--(BUSINESS WIRE)--Clavister (STO:CLAV)
Clavister (Nasdaq: CLAV), a leader in high performance security solutions, has acquired its partner PhenixID, a leading provider of solutions for identity and access management (IAM), bringing PhenixID’s technologies and products into the Clavister group.
The purchase will enable both Clavister and PhenixID to strengthen their solution offerings and better meet the market's growing demand for closely integrated, secure login and identity management services. PhenixID will continue to build upon its strengths as an IAM department within the Clavister Group, with combined network security and IAM solutions will use elements of Clavister and PhenixID technologies. Opportunities to jointly develop further solutions will also be explored.
The fast-growing Internet of Things (IoT) is expected to drive strong growth in the IAM sector in the next four years, according to a new report from analyst, Forrester*. IoT devices give hackers and criminals a new vector from which to launch large-scale attacks, and IAM solutions will be critical in securing access to devices, managing connectivity, and protecting data communications between IoT devices.
Jim Carlsson, CEO of Clavister: “Both Clavister and PhenixID have substantial strengths in their respective markets. PhenixID’s solutions are a natural fit with our own offerings, from next-generation security gateways to embedded security solutions for smart devices, and the collaboration will benefit our customers and our sales both in the medium and long term. Through this acquisition we will be better able to utilise our synergies to capitalise on fast-growing markets such as the IoT.”
Peter Laurén, CEO and Founder of PhenixID: “Since its inception, PhenixID has gone from strength to strength and we believe that by becoming part of the Clavister group we will be better positioned to continue this trend. We are really looking forward to exploiting the substantial opportunities that working more closely with Clavister will generate.”
Clavister purchased an initial 30.1% of PhenixID ID shares earlier in 2016 and is acquiring the remaining 69.9% of shares in the company once the deal has been formally agreed by shareholders. Under the terms of the deal the shareholders of PhenixID will become one of the larger shareholders in Clavister. The acquisition of PhenixID will add substantial IAM expertise and credentials to Clavister.
PhenixID reported SEK 8.2 million in revenues for the first 6 months of 2016. Full year revenues were reported at SEK 9.3 million for 2015. Measured as a percentage of Clavister’s turnover, PhenixID reported net sales of 14% of Clavister's full-year figures for 2015. PhenixID’s profits before tax were SEK 0.9 million for the first half of 2016, and SEK 1.5 million for the full year 2015.
The acquisition of remaining shares, held by founders and employees in PhenixID, is based on a valuation of the company of SEK 91.5 million, including approximately SEK 33.5 million in financial assets. The payment by Clavister to acquire the 69.9% of remaining shares in PhenixID will be executed through 1,210,516 shares to be issued, worth SEK 64 million, in Clavister Holding AB to the shareholders in PhenixID. This will make them, as an entity, the third largest shareholder in Clavister.
There will also be an options-programme offered to the employees of PhenixID. The acquisition and its financing with new shares, will be conditional an approval at an extra ordinary shareholder-meeting at Clavister.
* Vendor landscape: Identity & Access Management solutions for the IoT, May 31, 2016
** Swedish regulatory announcement, here (https://www.clavister.com/investor-relations/investor-news/view/?pid=2284246#.V8QNi5N95hE).
Clavister is a leading supplier of security for fixed, mobile and virtual network environments. Clavister is offering small and medium enterprises, telecom operators and suppliers of "Cloud" solutions market-leading security solutions for facing today's security threats. The Clavister Holding AB share is listed on NASDAQ First North under the name of Clav and has approximately 6 111 shareholders. Remium Nordic AB is the company’s Certified Advisor.
PhenixID is a leading provider of solutions for identity management, access management, secure authentication and WebSSO. PhenixID provides solutions which enable organizations to manage their digital identities and its resources in a safe and cost effective manner while information quality can be maintained and protected via secure login.
In the area of identity management and access management PhenixID provides products for role based delegated user management, report management, alarm functions, and synchronization and creation of accounts. In the field of authentication PhenixID’s offer includes products to provide strong authentication (MFA) with support of one-time passwords (OTP), Certificate etc. and WebSSO (federation).
PhenixID is founded by personnel from Nordic Edge. We at PhenixID have long experience of products and solutions in identity and access management. PhenixID has also signed a license that gives the company the right to continue to conduct sales, development and support of products previously developed by the software company Nordic Edge.
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