TippingPoint bought up by 3Com

Austin, Texas-based security firm TippingPoint has been acquired by 3Com for $430 million.

Under the terms of the agreement, 3Com will pay $47 cash per outstanding share of TippingPoint stock which represents a 13 percent premium over the closing price last Friday.

The acquisition is subject to approval by both the regulators and by TippingPoint's own stockholders.

"The integration of TippingPoint into 3Com enhances our ability to deliver secure, converged networks to the enterprise market," said 3Com CEO Bruce Claflin in a statement.

Upon approval, TippingPoint will operate as a division of 3Com with TippingPoint CEO, Kip McClanahan, assuming the role of division president, reporting directly to Claflin.