WATERLOO, ON – Research In Motion Ltd. (RIM) has finally completed its acquisition Certicom Corp. for approximately $132 million, almost double its original asking price.
RIM launched a takeover of the Mississauga-based data encryption company in early December, but the plan hit some snags along the way. Certicom then accepted a buyout offer from VeriSign in January, but when RIM upped its bid in early February, Certicom reportedly paid VeriSign a $4 million termination fee and accepted the new RIM offer.
The companies made the official announcement late on Monday.
"Certicom’s technology and expertise complement RIM’s business and the industry leading BlackBerry platform," said Jim Balsillie, Co-CEO of RIM, in the announcement. "This acquisition further demonstrates our focus on delivering the best solutions for security-conscious businesses and government organizations around the world."
"We have been working with RIM for many years and we’ve seen the tremendous results that our combined technologies have produced," said Karna Gupta, CEO of Certicom, now a wholly-owned subsidiary of RIM. "By joining the RIM team, Certicom has an even greater opportunity to build on its strong foundation of delivering world-class security solutions across all our market verticals."
