ActivIdentity has reached an agreement to acquire CoreStreet in a primarily cash deal worth about $20 million.
The merger of the two firms, expected by year-end, will combine ActivIdentity's strength in authentication and credentials management with CoreStreet's public-key infrastructure certification technology, identity credential validation and physical-access control products including PIVMAN.
"The two companies work in the market already together," says ActivIdentity CEO Grant Evans. "The products are complementary."
Both companies are strong in the government sector, he says. CoreStreet has focused primarily on the U.S. market, while ActivIdentity also does business abroad.
Over time, the name CoreStreet will be dropped in favor of ActivIdentity, Evans says. The combined company will have about 250 employees and annual revenues of about $68 million.
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