NetScreen Technologies today announced an agreement to acquire SSL VPN company Neoteris in a deal valued at $265 million.
The acquisition, for approximately $245 million in stock and $20 million in cash, represents the security industry's largest acquisition of a private company since May 2001.
The deal represents a further sign of consolidation in the hotly-tipped SSL VPN remote access market, following the purchase of smaller SSL Virtual Private Networks (VPN) firm uRoam by F5 Networks for $25 million back in July.
NetScreen, chief challenger along with Cisco to Check Point in the firewall market, said that the acquisition of Neoteris accelerates its ambition to become the number one provider of network security products.
Neoteris is one of the leading companies in the emerging "clientless" (SSL VPN) remote access market, which allow workers to securely access corporate resources via a standard Web browser.
Vendors are jockeying for position in a market segment which, although still small, is expected to grow strongly over the next three years.
News source: The Register - NetScreen nets Neoteris for $265m
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