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I saw this on ihub. Looks like it could possibly be a R/M play. Rumor has Q coming off soon as well. Low float so keep an eye on it for possible run.
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O/s = 13 million float 4.7 million - does move nicely!
Look at the date on this PR! 2 yrs to complete this? Supposely news on/before Friday about the merger. We shall see!
AEP Networks To Acquire V-ONE Corporation in Major Push on Public-Sector VPN Market Grayson to Head Up New AEP Networks Government Solutions Group SOMERSET, N.J. – May 23, 2005 – AEP Networks, the specialist in network and application access security, today announced it has entered into an agreement to acquire V-ONE Corporation (OTCPK: VNECQ). The acquisition is expected to close within 30 days. Terms of the transaction were not disclosed.
V-ONE is an Internet security pioneer and one of the earliest commercial vendors of application layer SSL VPN technology that provides secure access to enterprise applications and data. V-ONE's products are widely used across diverse U.S. governmental agencies, including the Departments of Defense, Homeland Security, Justice and Treasury, and are deployed in critical infrastructure companies from the financial service, healthcare, transportation and high-tech sectors.
By combining V-ONE's extensive public-sector customer base, expertise and select products with its own broad suite of secure networking solutions, AEP Networks is poised to offer one of the most comprehensive, cost-effective and secure solution portfolios available to the fast-growing public-sector IT marketplace.
The V-ONE business will now become the AEP Networks Government Solutions Group. Margaret E. Grayson, formerly V-ONE's president and CEO, will serve as executive vice president and general manager of the new Government Solutions Group, headquartered in Rockville , Md.
“This strategic acquisition gives AEP Networks, virtually overnight, critical mass in the important U.S. government market for secure networking infrastructure,” said Pat Donnellan, CEO of AEP Networks. “ U.S. federal and state agencies tasked with critical duties such as homeland security have comprehensive security requirements for information-sharing across disparate networks that many VPN products simply do not address. The V-ONE acquisition makes an excellent fit with our Secure Networking and Secure Application business. And as we expand our presence in the public sector, we're fortunate to have Margaret Grayson, one of the nation's top cybersecurity experts, at the helm of our new business.”
Donnellan added: “With this asset acquisition, we continue to execute on the strategic goals defined last December, when AEP Systems merged with Netilla Networks to form AEP Networks. We will continue to pursue targeted acquisitions in keeping with our goal of being the premier global specialist provider of secure networking and application access solutions.”
The new Government Solutions Group becomes AEP Networks' third division, joining the Secure Networking Business Unit (headed by executive vice president and general manager Rob Lane; based in Hemel Hempstead, U.K.) and the Secure Application Access Business Unit (headed by executive vice president and general manager Reggie Best; based in Somerset, N.J.).
“I am pleased that V-ONE is becoming a part of AEP Networks, “ said Margaret E. Grayson, executive vice president and general manager of AEP Government Solutions Group. “The combination of V-ONE and AEP will provide necessary stability and the opportunity to serve our customers long term. We remain committed to customer responsiveness as our highest priority and will continue working together to deliver secure solutions today and in the future to protect our customers' cybersecurity environments.”
Acquisition Includes Key Patents V-ONE had undergone a corporate reorganization prior to the acquisition agreement with AEP Networks. Under the terms of the agreement, AEP Networks will acquire all V-ONE assets, including important security technology.
V-ONE's flagship product is SmartGate, an application-layer SSL VPN client/server software solution with multi-platform capability. V-ONE's intellectual property assets include eight patents in security protection technology and one patent pending.
AEP Networks is assuming all V-ONE customer support obligations and is retaining its engineering, customer support, sales and marketing staff. Following a comprehensive review, AEP will determine how V-ONE products will be integrated with the other lines in its Secure Application Access Business Unit.
The new Government Solutions Group now becomes AEP's focal point for public-sector marketing of its existing product lines — all of which have earned important government security certifications. These include the Netilla Security Platform SSL VPN, which recently achieved FIPS (Federal Information Processing Standards) 140-1, Level 3 certification. AEP also offers the Net line of highly secure IPSec-based VPN encryptors, which are certified to “Enhanced Grade” standard by the British government's Communications-Electronics Security Group (CESG). Rounding out AEP's public-sector product offering is the Keyper line of hardware security modules for protected key storage and management.
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