Network Associates to Buy TIS
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Under terms of the deal, which Network Associates said will make it the largest security software firm in the industry, the Santa Clara, CA-based provider of enterprise network security solutions will offer 0.323 shares for each share of TIS stock.
Both company boards have reportedly approved the merger, and the transaction is expected to be completed within the next 90 days.
TIS develops security products and services including the Gauntlet firewall solution and Gauntlet Global Virtual Private Networks designed to secure global electronic communications.
Network Associates said the merger with TIS will enable it to deliver a market-leading suite of security products for enterprise networks by integrating the companies' respective technologies.
"This announcement represents a fundamental shift in the way large customers will implement security technology," said Bill Larson, chairman and CEO of Network Associates. "Network Associates is the first company to deliver this caliber of technology and this breadth of security products. The ability to tie all of these components together in a centralized management environment is critical to customer success, and Network Associates is the only company to combine security with industry-leading network management capabilities."