Wave swells DLP business with Safend buy

NASDAQ-listed vendor lays down $12.8m for data loss prevention specialist

Israeli data loss prevention (DLP) vendor Safend has been snapped up by Wave Systems for $12.8m (£8.3m).

Safend, which works through distributor Vigil Software in the UK, provides port and device control, encryption for removable media, content inspection and discovery. It was previously backed by VC lolly from the likes of Elron Electronics and Intel Capital.

NASDAQ-listed Wave said that Safend would help it target the healthcare, financial and government verticals, where data loss protection is a high priority

Chief executive Steven Sprague, chief executive of Wave, said: "Safend's award-winning suite of DLP, port control and removable media encryption software strengthens our existing portfolio of data encryption and device authentication solutions."

The purchase price comprises $1.1m in cash and about 5.3 million shares of Wave's common stock.

Safend founder Gil Sever, who will stay on at Wave, added: "Joining Wave is a strategic move that we believe will deliver significant benefit for Safend customers, partners and employees.

"Together, we have an opportunity to further strengthen our leadership position in data security by creating new, innovative and integrated products and capabilities to solve our customers' most complex security challenges."