RSA Expands Online Security Market
RSA Security has agreed to acquire privately held PassMark Security for $44.7 million in cash and stock, in a move to broaden its reach in the online banking authentication and fraud detection market.
The purchase price includes $9 million in cash and 2 million in shares. The deal comes less than four months after RSA acquired Cyota, another major player in the online security market and as credit unions and banks are faced with a year-end requirement to implement two-factor authentication for online transactions.
PassMark, based in Menlo Park, California, is best known for its two-factor authentication product that validates each user to a website in a two-step process.