[ISN] Platinum Buys Security Vendor for $500 Million

From: mea culpa (jerichoat_private)
Date: Fri Aug 14 1998 - 03:54:36 PDT

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    ___Platinum Buys Security Vendor for $500 Million___
    Platinum Technology Inc., a company built upon a long string of
    acquisitions, returned to its old ways yesterday when it bought security
    vendor Memco Software for $500 million. 
    The tools and systems management vendor will exchange stock worth $26 per
    share for the Israeli company. Platinum intends to include Memco's
    security capabilities, which include access control, single-password
    logons, and intrusion detection, with its ProVision management framework.
    That will give customers a single point for all administration and
    security functions, Platinum officials say. "We saw that if we were going
    to be a significant player in the systems-management space, we had to
    understand security," says Michael Matthews, Platinum's executive VP of
    Memco will flesh out Platinum's security development and support services
    with 200 security experts. The security vendor will also broaden
    Platinum's reach with more than 200 customer sites, including Charles
    Schwab, GTE, Motorola, MCI, and Guardian Life. 
    Platinum already had a relationship with Memco, reselling its security
    software, which has been integrated with ProVision. Platinum chairman Flip
    Filipowski is a director on Memco's board, but abstained from discussions
    and voting on the purchase.  -- Jeff Sweat
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