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Baltimore Tech to buy GTE unit in $150 million deal

The network security firm says it has agreed to acquire CyberTrust Solutions, increasing Baltimore's share in the Public Key Infrastructure marketplace.

Network security firm Baltimore Technologies said it has agreed to acquire GTE's CyberTrust Solutions business unit in a stock deal worth $150 million.

The acquisition will increase Baltimore's market share in security systems for e-business and e-commerce security, particularly in the Public Key Infrastructure (PKI) marketplace, the Dublin, Ireland-based company said in a statement released yesterday.

GTE's CyberTrust and other companies such as VeriSign and Entrust Technologies develop PKI software, which issues, renews, revokes and otherwise manages digital certificates, electronic IDs that vouch for the identity of an individual or company.

The addition of Boston-based CyberTrust's PKI-hosting services and products will give Baltimore a complete suite of PKI-based products and services to offer its customers as well as a way to expand into the U.S. markets and begin serving more U.S. clients. Baltimore said CyberTrust already serves large corporations such as American Express, Mastercard, Deutsche Telecom and Telecom Italia.

Under the deal, Baltimore said the number of its shares to be issued will be determined on the basis of a 10-day average closing share price prior to the closing of the transaction. In addition, the company said it will issue approximately 1.4 million shares for the benefit of CyberTrust employees.

The acquisition is expected to close in mid-March following approval from Baltimore shareholders, the companies said.