Defense contractor Raytheon Co. said Wednesday it has acquired the government solutions business of Harford County-based SafeNet Inc., a cyber security company that had previously announced the sale of that piece of the business to an undisclosed buyer.
Financial terms of the sale were not disclosed.
Belcamp-based and privately held SafeNet, which on Monday appointed a new CEO and president, had said in November that it was selling off the Torrance, Calif., business, acquired in 2004, which focuses on defense-related, custom-made classified encryption products. The company said the divestiture would enable it to focus on data protection and cyber security for commercial and government customers.
SafeNet had said that once the sale is finalized, its revenues would total over $350 million a year. In 2011, the company said it had revenues of $454 million and net income of $22.3 million.
"All of our data protection and rights management customers will benefit from today's announcement, whether they are commercial, critical infrastructure or government enterprises," Dave Hansen, who was appointed president and CEO on Monday, said in a statement. "It will enable us to continue to sharpen our focus and extend our leadership in the explosive growth markets of data protection for cloud and virtual environments, and security from the cloud."
Raytheon, a $25 billion defense company based in Waltham, Mass., said it acquired the SafeNet business to help meet growing demand for protected, encrypted classified data. The acquired business will complement Raytheon communications systems that allow the U.S. military to transmit classified voice and data traffic securely, the company said in a statement.Copyright © 2015, CT Now