Advanced networked storage solutions provider Network Appliance, Inc. (NASDAQ:NTAP) today announced that it has entered into a definitive agreement to acquire privately-held storage security company Decru for approximately $272 million in cash and stock.
Decru offers data protection solutions for enterprises and governments, including regulatory compliance, privacy, secure consolidation, and outsourcing.
Decru was founded in 2001 by president and CEO Dan Avida, who was also a founding member of Electronics for Imaging (Nasdaq: EFII) in 1989, together with Scitex founder Efi Arazi. From 1989 to 1994, Avida was responsible for the creation and management of the Fiery, considered the cornerstone of EFI’s success. Dan was promoted to EFI’s president in July 1994, CEO in 1995, and chairman in 1999.
Since its founding, Redwood City-based Decru raised more than $45 million in venture financing from Benchmark Capital, Greylock, New Enterprise Associates, In-Q-Tel, and others.
Over the last year, NetApp and Decru together delivered many collaborative solutions to customers in sectors including investment banking, healthcare, semiconductors, software, and the federal government. On June 7, NetApp and Decru jointly announced an integrated turnkey platform for secure processing and storage of credit card data in compliance with Visa and Mastercard payment card industry (PCI) security standards.
Network Appliance CEO Dan Warmenhoven said, "Decru has established an early lead in the data security space. The combination of Decru with NetApp strengthens our own data protection portfolio."
Published by Globes [online], Israel business news - www.globes.co.il - on Thursday, June 16, 2005