Tech Entrepreneur Cashes In His PassMarkChips
MENLO PARK, Calif. - (05/23/06) After his forays at PayPal andIntuit, its hard to imagine William Harris, Jr., performingan encore. But thats what the former CEO and co-founder ofPassMark Security did when he sold his online authenticationcompany to RSA Security last month. Harris, who headed Intuit from1994 to 1999, then online payments pioneer PayPal from 1999-2000,will take out 785,000 shares of RSA valued at around $12 millionafter the deal is complete, according to a filing with theSecurities and Exchange Commission. Harris will be the biggestbeneficiary of the RSA sale, with venture funds DiamondheadVentures and Menlo Ventures each taking out about $7 million in RSAstock. Harris, who serves on the board of Internet servicesprovider EarthLink, Global Cash Access, a cash processor for thegambling industry, and WebSideStory, Inc, a provider of digitalmarketing, will remain on the board of directors of RSA after thedeal is completed. RSA paid about $45 million for PassMark, in cashand stock.