WebPKI and Digital Signature related M&A + Investment + Public Offerings
- This was inspired by Matt Suiche's great post on cyber security M&A related activity; there is some overlap but not much.
- This is all public data.
- I have also intentionally excluded sales of WebPKI key material, not only are these prices not public but they are usually very special cases that are in-essence impossible to compare effectively.
- I have also included HSMs, Smart card, Digital signatures and CA related software companies in this list as it seems relevant.
|GlobalSign||KBC Banks and Insurance||1998||Unknown||Investment||8%|
|Thawte||Verisign||1999||575m||Cash / Stock?||Thawte was slowly eating at VeriSign's market share, was likely acquired to address this.|
|ValiCert||Public Offering||2000||4,000,000 @ $10||Stock Sale||OCSP responder, digital signatures, secure storage.|
|CyberTrust||Baltimore Technologies||2000||150m||Stock / Cash?||Later sold to Verizon.|
|XCert||RSA||2001||$67.5m||Cash / Stock?||Made a decent CA and OCSP responder, became Keon, RSA's CA.|
|Equifax||GeoTrust||2001||Unknown||Unknown||The company formerly offered digital certification services, only this was sold.|
|Baltimore Technologies||beTrusted||2003||Unknown||Unknown||It took place in 2 parts: First the Omniroot business was sold and then the whole PKI business was sold several months later. beTRUSTed purchased the OmniRoot business for a total consideration of £2.0 million (approximately $3.1 million) in cash. The total liquidation of the Baltimore business generated total cash proceeds of approximately £20.9 million.|
|ValiCert||Tumbleweed||2003||14.3m||Stock / Cash?|
|Chrysalis-its||Rainbow||2003||20m||Stock / Cash?|
|Rainbow||SafeNet||2003||450m||Unknown||SafeNet HSM, Tokens all came from this.|
|CertPlus||Keynetics||2004||Unknown||Unknown||Keynetics later become OpenTrust.|
|Digital Signature Trust||IdenTrust||2004||Unknown||Unknown||Identrust Was later Aquired by HID.|
|AddTrust AB||Comodo||2005||Unknown||Unknown||Was a Sweden based TSP, started in 2000, terms and origin of this deal are not clear.|
|Geotrust||Verisign||2006||125m||Cash?||GeoTrust was fairly quickly eating away at VeriSign's market share, there was also at least one legal dispute between the two companies leading up to the purchase.|
|TC TrustCenter||Chosen Security||2006||Unknown||Unknown||When VeriSign bought GeoTrust, it was decided that VeriSign did not want TC TrustCenter so they basically “gave” it to some of the former execs of GeoTrust which then started ChosenSecurity.|
|RSA||EMC||2006||$2.1 billion||Cash / Stock?||PKI related business for RSA was fairly small.|
|Utimaco||Sophos||2008||314m||Stock / Cash?|
|Nectar Smart Card Technology||HID||2008||Unknown||Unknown|
|Entrust||Thoma Bravo||2009||114m||Debt, Cash?||Typical growth equity structure.|
|Aladdin Knowlegde Systems||Vector Capital||2009||160m||Unknown|
|CertiCom||RIM||2009||106m||Debt, Cash?||Possibly does not belong in this list, it was mainly a patent purchase but very close in nature.|
|Chosen Security||PGP Corporation||2010||Unknown||Unknown||Terms were private.|
|PGP Corporation||Symantec||2010||370m||Cash / Stock?|
|ActivIdentity||HID||2010||Unknown||Unknown||HID was making plays on converged logical and physical access control and thought this would help them in that.|
|Arcot||CA Technologies||2010||200m||Cash||Arcot had a virtual smart card, some IPR around cryptographic camouflage and was a big partner in the Visa Payer Authentication solution.|
|Verisign||Symantec||2010||$1.28 billion||Cash / Stock?||Verisign decided to focus on DNS business.|
|DigiNotar||Vasco||2010||12.9m||Cash / Stock?||Bet they regret that. Poorly managed M&A.|
|TriCipher||VMWare||2010||Unknown||Cash / Stock?|
|EchoSign||Adobe||2011||Unknown||Cash / Stock?|
|DigiCert||TA||2011||100m||Cash?||Private equity deal.|
|OpenTrust||Keynetics||2011||Unknown||Unknown||Keynetics acquired Opentrust in 2011 and took over brand.|
|AfirmTrust||TrendMicro||2012||Unknown||Unknown||Marketing suggested intended expansion into Enterprise and managed PKI scenarios.|
|Dictao||Morpho||2012||Unknown||Unknown||Dictao were French e signature company.|
|Thoma Bravo/Entrust||DataCard||2013||500m||Cash?||Theory is they have realized their growth goals or have plateaued based on nature of business?|
|CertiPath||Crawley Hatfield Capital||2013||Unknown||Unknown||Private Equity Deal.|
|Cartavi||DocuSign||2013||Unknown||Unknown||Expands their digital signature solution into real estate.|
|Identrust||Polaris||2013||20m||Unknown||Private Equity Deal, 85% position.|
|Network Solutions||Web.com||2013||405m + stock||Unknown||CA was small part of business.|
|DigiCert||Thoma Bravo||2015||700m incl, 345m debt||Cash + Debt?||Theory is they liked the Entrust deal and wanted to do it again, DigiCert better positioned than prior Entrust deal so going big.|
|Unizeto  ||Asseco||2015||Unknown||Unknown|
|Verizon||DigiCert||2015||Unknown||Unknown||Just certificate business. They had a cross-sign from Verizon, immediately after buying them they started issuing customer-specific subordinates from DigiCert roots. Theory is that this purchased removed a royalty obligation and freed them from contract terms limiting their business. Regardless DigiCert is doing the Internet a solid as Verizon really missmanaged things|
|Trustwave||SingTel||2015||810m||Cash + Stock?||CA is just small part of their business.|
|OpenTrust||DocuSign||2015||Unknown||Unknown||DocuSign wants to enter EU market, acquisition of majority of OpenTrust is acknowledgement that without being a EU TSP they have little chance outside of process automation. Remainder of OpenTrust is renamed IDNomic.|
|ECO-MIND APP FACTORY SRL||InfoCert||2015||Unknown||Unknown|
|StartCom||WoSign||2015||13,000 USD||Unknown||Bankrupty in August 2015 and what looks to be (shaddy sale) of assets for 13k USD in December of the same year. Unrealstic given the value of those assets so something else likely going|
|Unizeto/Certum||Asseco||2015-02-24||85% @ USD 6.29 mln||Unknown||Unknown|
|WiseKey||Public Market||2016||Unbelievable||Stock Sale||Can't even begin to explain it.|
|AffirmTrust/Trend||Datacard||2016||Unknown||Unknown||Theory is they struggled to integrate into their business and DataCard was a good synergistic place for the team and assets to land.|
|Quovadis||WiseKey||2017||85% @ USD19.7. USD13,000,000 cash plus 1,110,000 newly issued Class B Shares of WISeKey issued from existing authorized share capital, and paid off the indebtedness of QuoVadis in the amount of USD2,000,000.||Unknown||Unknown|
|Symantec||Thoma Bravo||2017||$950 million in cash and a 30 percent stake in the DigiCert business||Cash + Stock||On recent earnings call they stated $180m operating income on $400m of PKI revenue, this put them at 10-12x EBITA.|
|CAMERFIRMA||InfoCert||2018||InfoCert has acquired 51% of Camerfirma by underwriting a capital increase of Euro 3.1 million. InfoCert will fund the acquisition by utilizing internal resources.||Cash?|
|Quovadis||DigiCert||2018||45M (Figure and terms are from WiseKey CEO)||Cash|
|DigiCert||Clearlake Capital Group and TA Associate||2019||Unknown||Unknown|
|IDnomic||Atos about to buy IDnomic||2019||Unknown||Unknown|
|HydrantID||HID buys HydrantID, Quovadis Reseller||2019||Unknown||Unknown|
|Venafi||Thoma Bravo||2020||Unknown||Unknown||Thoma Bravo Invests in Venafi @ 1bn valuation|
NOTE: Please let me know if you know of something I missed, my memory is only so good. Also corrections are always welcomed. Please do not post non-public information.
- Entrust Technologies spin off from Nortel Secure Networks in 1994.
- Verisign was founded in 1995 as a spin-off of the RSA Security certification services business.
- Certplus was a spin-off from Gemplus (1999).
- Certplus merged with PK7 in 2004 becoming Keynectis.
- CyberTrust was formed (again) in 2004 by the merger of Betrusted and TruSecure.
- Schlumberger -> Axalto (spin off) 2004.
- Axalto + Gemplus -> Gemalto (merger) 2006.