NetScreen to Acquire Neoteris for $245 Million in Stock

• By theWHIR.com , October 06, 2003

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October 6, 2003 -- (WEB HOST INDUSTRY REVIEW) -- NetScreen Technologies, Inc., (netscreen.com) a developer of integrated network security solutions, announced today it has signed a definitive agreement to acquire Neoteris, Inc., (neoteris.com) a developer of SSL virtual private network (VPN) technology, for approximately $245 million in stock and $20 million in cash, including assumption of all outstanding Neoteris options. Under the terms of the agreement, NetScreen will pay Neoteris stockholders and optionholders up to an additional $30 million in cash.

Sunnyvale, California-based NetScreen said the acquisition expands its offerings by adding the Neoteris? SSL VPN remote access solution to its portfolio of network security solutions.

The transaction is expected to close at the end of the year.

"While IPSec is the best technology for site-to-site VPN deployments, we believe Neoteris' advanced SSL VPN solutions will become the preferred solution for new, and expansion of existing, remote access deployments," said Robert Thomas, president and CEO of NetScreen. "This acquisition will not only strengthen our portfolio of end-to-end security offerings, it will allow us to drive adoption of SSL VPN technology as the preferred option for remote access deployments and position NetScreen for success in this growing market."

Neoteris has more than 550 customers and approximately one million users worldwide. Its clients include large enterprises such as Deutsche Bank, Borland Software Corporation, and SAS.

Krishna Kolluri, president and CEO of Neoteris, will join NetScreen as general manager responsible for NetScreen's secure access products, the company said.

"Our clientless SSL solution has been well received and adopted by many highly recognized enterprise customers," said Kolluri. "With NetScreen's complementary products, growing enterprise customer-base and strong channel, we believe this combination can help increase market success and accelerate customer adoption of our SSL VPN products, as well as our complementary application security gateway solutions."

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