Tue, 16 Jul 2013 | BUSINESS SALE
Corero Business Systems (CBS) has been put up for sale by its owner Corero Network Security with a price tag of £13 million.
It looks like a buyer has already been found in the form of Civica UK and a conditional agreement has been signed by Corero to sell its legal and beneficial holdings in CBS to Civica.
A general meeting of shareholders will be held at the end of the month at which they will be asked to approve the sale and the resulting shift in focus towards the network security market.
Reports from CRN have suggested that the business will also use the proceeds of the sale to invest in its non-core education software arm and extend development of next generation DDoS-mitigation product.
An investor announcement this morning elaborated: “The ‘next-generation' offering is intended for deployment in cloud infrastructure, virtual environments, and larger-scale networks.
"The board believes that the offering will enable partnerships to be struck with other original equipment manufacturers (OEMs), provide access to new markets and potentially increase the company's share of network security budgets."
The announcement added that CBS has been a useful cashflow generator for the company, despite the fact that it wasn't a core part of the business.
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