Corero plc Announces Agreement to Acquire Top Layer Security
Corero and Top Layer Security announced they have signed an agreement for Corero to acquire Top Layer Security
Hudson, MA, February 07, 2011 — Corero plc (AIM: CORO) and Top Layer Security, a leading provider of real-time Intrusion Prevention and DDoS protection systems, today announced that they have signed a definitive agreement for Corero to acquire Top Layer Security. The transaction has been approved by the boards of directors of both companies. The acquisition is subject to Corero shareholder approval and is expected to close in early March.
Top Layer, with its award winning intrusion prevention solutions that secure mission critical enterprise networks, is Corero's first acquisition in the IT security market. Through this acquisition, Top Layer provides Corero with a next-generation security platform upon which to build a broad set of network security solutions. Additionally, Corero will gain access to Top Layer's talented employees, which include specialized engineering and technical resources, and a well established customer base.
Corero's strategy is to continue developing its business through organic growth and targeted strategic acquisitions in the network security space. Jens Montanana, Chairman of Corero stated, "Top Layer's strong presence in the network IPS and DDoS protection space and deep commitment to customers makes this an ideal first network security acquisition for Corero. In addition to significantly expanding Top Layer's geographical footprint through a channel focused go-to-market model, we intend to leverage Top Layer's strong technology platform to develop innovative network security solutions, such as next generation firewall systems, to respond to the need for higher level content and application level security within the network."
"With the launch of eight new IPS products in 2010 we saw the opportunity to approach the market as a public company as the best way to accelerate our market penetration. Corero's strategy to build a network security business with Top Layer providing the core platform was paramount in making this decision," said Peter Rendall, CEO of Top Layer. "With Corero's financial strength and the experience of the Corero team, we will be able to accelerate the pace of innovation and extend our international reach."
On Closing, Top Layer will constitute the first business within Corero's security systems division.
About Corero plc
Corero is focused on building a network security solutions business through acquisition to deliver solutions and related services to mid-market and enterprise customers through international channels. In addition, Corero's business systems division serves the business and education sector in the UK by delivering powerful, dynamic modular accounting and business management software and services. www.corero.com