Secure Computing plans to buy messaging security firm CipherTrust for an estimated $273 million. The transaction will include $185 million in cash, 10 million shares of Secure Computing common stock and a $10 million promissory note, provided certain performance targets are met.
Jay Chaudhry, chief executive and founder of CipherTrust, will join Secure Computing's board of directors and become chief strategy officer. "Our products and technologies are complementary," he said. The deal follows CipherTrust being awarded the Common Criteria Evaluation Assurance Level 2 certification from the National Information Assurance Partnership program last month.