Kroll-O'Gara Co., a security and investigations company with holdings in the armored car and information security areas, among others, has acquired Financial Research Inc. of Fort Washington, Pa.

The pooling-of-interests transaction was worth about $3.2 million when the exchange of stock occurred in early March. Financial Research Inc. reported 1998 revenue of $2.6 million.

FRI specializes in business valuations and economic damage analysis. The company is headed by Jay Fishman, Gregory Cowhey, Lester Barenbaum, and Bonnie O'Rourke and has become part of Kroll-O'Gara's investigations and intelligence group.

At yearend, Kroll-O'Gara paid $55 million for Securify Inc., a data security company co-founded by noted cryptologist and former Netscape Communications Corp. chief scientist Taher Elgamal. Mr. Elgamal became president of Kroll-O'Gara's information security group.

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