Harford County-based cybersecurity firm SafeNet is selling its government solutions business, acquired in 2004, “to an undisclosed buyer for an undisclosed amount,” reports the Baltimore Sun.
From the report:
The Belcamp company said in an announcement that it was selling this part of its business — which largely focuses on custom-made classified encryption products — to focus on data protection and cybersecurity for its commercial and government customers. [more]
According to the Sun, SafeNet’s revenue will total more than $350 million per year once the government solutions business is sold.
According to a release from SafeNet, the sale “is in line with SafeNet’s long-term strategy to focus on the company’s data protection solutions, protecting high-value information for enterprises, critical infrastructure providers and international governments.”
While selling a company for an undisclosed amount isn’t all that strange, selling to an undisclosed buyer is a bit more unusual, though when you do find it, it tends to happen within cybersecurity or other high-security federal government contracting.
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