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09.18.06
EMC Secures Storage Through RSA, Network Intel
 By Jason Lee Miller
EMC Corp. finalized a pair of acquisitions last week, a shopping spree that adds RSA Security and Network Intelligence to its subsidiary list, as well as both companies' information security capabilities.
EMC says that immediately the two companies will create cross-functional teams as part of EMC's new security division. The RSA name, brand, products and services will be maintained, while Network Intelligence will become a business unit within the new division.
The company will also incorporate the R&D resources of both companies to accelerate the development a common security platform (CSP), which is expected to be integrated into EMC's portfolio of products for "a common, open baseline of built-in security for the information infrastructure."
"Information security continues to dominate the spending intentions of CIO's around the world," said Joe Tucci, EMC's Chairman, President and CEO. "The battlefront in security has quickly shifted from securing the network perimeter to protecting and securing the information itself--wherever that information lives and wherever it moves."
Operating under the RSA brand, the security division will be headquartered in Bedford, Massachusetts and led by Art Coviello, the former CEO of RSA Security. Coviello is an Executive Vice President of EMC and the President of RSA, reporting directly to Tucci.
"It's becoming critical that security move beyond a point product solution. Customers are in need of security that is built in and broadly distributed within the IT infrastructure to protect people, gear and data as a cohesive solution," said Coviello.
"EMC now has the resources and expertise to give customers seamless and pervasive security that allows them to leverage their information as a valuable asset rather than a potential liability."
The company will incorporate RSA's enterprise identity and access management products, consumer identity and fraud protection solutions, encryption and key management software and security knowledge and expertise to EMC's offerings. Network Intelligence will provide tools for collecting, monitoring, analyzing and reporting on security event-related activity, and managing compliance throughout the IT infrastructure - in the network, in enterprise applications, on mainframes, on desktops, and in storage devices.
Under the terms of the agreement announced early this summer, EMC paid $28.00 per share in cash in exchange for each outstanding share of RSA and the assumption of outstanding options for a total purchase price of approximately $2.1 billion, net of RSA's existing cash balance. RSA Security stockholders approved the acquisition last Thursday.
The acquisition of Network Intelligence will close by the end of business Monday, a cash transaction valued at approximately $175 million.
EMC also established a $2.2 billion short-term, unsecured credit facility which it is using to pay for the RSA acquisition. David Goulden, EMC Executive Vice President and Chief Financial Officer, said, romantically, "the availability of this credit facility benefits EMC because it enables us to complete the acquisition while avoiding the cost of monetizing our short term investments ahead of normal maturity, providing a very efficient way for us to utilize the strength of our balance sheet."
Finally, EMC said it would spend at least $3 billion repurchasing EMC shares during 2006. "When you consider the opportunity ahead of us, EMC stock at these levels continues to be one of the best values in the market, and we will continue to fund our buy back program," said Goulden.
About the Author:
Jason is a graduate of the University of Kentucky. He covers business, technology, and security issues.
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