Inside Secure closes Verimatrix acquisition
Details
Joseph O'Halloran
| 01 March 2019

Almost three months after first announcing its intention to buy the content protection specialist, mobile and connected devices security firm Inside Secure has closed its acquisition of Verimatrix.


For 100% ownership of Verimatrix stock, Inside Secure paid $138.1 million in cash and an additional amount of $9.8 million set in escrow to cover potential post-closing adjustments and an earn-out, estimated to be $8 million. The final amount of the earn-out will be known in the second quarter of 2019 following completion of year-end audit of Verimatrix earnings.

Inside Secure says that the combined company will create driving force to secure and enable the connected future across a broad range of industries. Moreover it believes that the combination It says that the acquisition gives it a unique value proposition within the entertainment security market, enabling content providers and service operators to manage the most complex video security challenges particularly with regard to cloud-based solutions.

The combined company will be led by a leadership team that is said to reflect the strengths and capabilities of both companies under the leadership of Amedeo D’Angelo, who will be chairman and CEO of the combined company, with the objective to support a smooth and efficient cultural and business integration and grow the business. “I am thrilled to welcome the Verimatrix team and expertise to create a strong force in cloud-based security and analytics,” he commented.

“This is an exciting time for the new combined company, which is ideally positioned to be a software-based security and analytics powerhouse. By joining forces, we are able to offer our customers the best value proposition in security, starting with entertainment and mobile industries and moving towards markets, such as IoT and connected cars, while deploying Verimatrix data analytics capabilities across our end markets, and to continue to create value for our shareholders.”

Steve Oetegenn, who has served as president and chief sales and marketing officer of Verimatrix, will be chief operating officer. Former Verimatrix CEO Tom Munro announced that he would leave the company once the acquisition closed closes.