Seeker Security Ltd. has been acquired by France's Quotium Technologies SA (Euronext: QTE) for $7-8 million in shares. The two companies have been collaborating for three years under the auspices of the EU Eureka Network, and the company's solution was brought to market in late 2011.
Seeker Security was the IT security business of Hacktics Ltd. after it sold its consultancy business to Ernst & Young Global Ltd. in 2008. Hacktics, a company of hackers hacks systems to find security breaches. It was founded by CEO Ron Porat, CTO Ofer Maor, and director Tal Mozes in 2004. Maor became president of Seeker Security, after Hacktics split up, and will now become CTO of Quotium.
Seeker Security has raised less than $1 million from private investors, and Quotium acquired a 7% stake in the company. Although Seeker Security won several awards, including Gartner Group's "Cool Vendor" award in 2011, the sale of the company indicates that it concluded that it could not continue independently.
Maor said, "With Quotium, we are going to be able to pursue our efforts in R&D while stepping up sales of the Seeker solution in Europe and the US." He added that the company plans to increase its Israeli workforce from 20 to 30 within a year.
Published by Globes [online], Israel business news - www.globes-online.com - on June 24, 2012
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