Raytheon buys SafeNet business, no terms
MARLBOROUGH, Mass. (AP) — Raytheon Co. said Wednesday that it acquired the government solutions business of privately held data security firm SafeNet Inc.
Financial terms were not disclosed, but Raytheon said it doesn't expect the acquisition to significantly affect its sales or earnings per share in the fourth quarter or in fiscal 2013.
Raytheon said the addition of SafeNet will boost its ability to provide encryption services used by government customers to protect classified data. It added that SafeNet's broad range of federally approved encryption solutions fit well with its own communications systems that the U.S. military uses to securely transmit classified information.
Based in Torrance, Calif., SafeNet's government solutions business has about 170 employees.
Jim Summers, the business' general manager, will join Raytheon and continue to lead the business, which will become part of the company's Network Centric Systems division.
Raytheon shares rose 37 cents to $58.52 in afternoon trading.