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Altiris Acquires Software Security Firm Pedestal for $65m
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| March 22, 2005 - (HOSTSEARCH.COM) - IT management firm Altiris, today announced that it has signed an agreement to acquire privately held Pedestal Software, a vulnerability management solutions company. Under the terms of the acquisition, Altiris will pay $65.0 million (net) in cash for all outstanding shares of Pedestal and will assume Pedestal options. The transaction, which is subject to customary closing conditions, is expected to close by the end of March. Pedestal Software SecurityExpressions has been chosen by some of the world's leading financial service providers, insurance organizations, healthcare providers and government institutions to implement a proactive system security stance. The acquisition expands the Altiris(R) technology portfolio for security management, and positions Altiris to bridge the gap between security and operations, bringing systems into compliance with established security policies. The acquisition also gives Altiris new entry-point and cross-sell opportunities. "Our customers are recognizing the importance of proactive system security," said Greg Butterfield, president and CEO, Altiris. "The acquisition of Pedestal Software gives us two important security management capabilities. First, customers can quickly understand their security posture; and second, it allows customers to easily define a security stance and proactively enforce compliance with system security policies. Pedestal software, when combined with Altiris Patch Management Solution(TM), network quarantine and recovery, can help customers improve security while reducing the cost of security management." Jim Geary, president and CEO, Pedestal Software, said, "Altiris solutions are a perfect complement to Pedestal Software's vulnerability management offerings. This combination creates a top-to-bottom security management solution for one of the market's most critical pain points. In addition, we expect that our ability to leverage the Altiris brand and channel will help drive our security audit and compliance solutions and accelerate our growth to the front of the market." Upon closing the transaction, Altiris intends immediately to begin integrating the Pedestal products into its existing partner and distribution channels and then scale the Pedestal business in the second half of 2005. Revenue from the transaction is expected to be in the range of $17-18 million in fiscal year 2005. The acquisition is expected to be accretive in the beginning of the third quarter of 2005 and fiscal year 2005. Altiris will provide more details of the financial impact of this transaction in conjunction with its first quarter earnings call in April. |
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