ION Networks, a provider of remote management and secure access products, has signed a definitive agreement with Cryptek, a manufacturer of identity and access control solutions, for Cryptek to purchase substantially all of the assets of ION for $3.2 million plus the assumption of certain liabilities.
The combination of assets will bring together ION’s suite of secure remote management products, developed over the last 25 years and installed worldwide, with Cryptek’s more than 20 year’s experience developing advanced security solutions that protect many of the US government’s most critical information assets.
Norman Corn, CEO of ION Networks, said: Following the turbulence of the telecom market in 2000, ION pursued an organic growth strategy. Though we ultimately made strides in both customer acquisition and product development, insufficient capitalization presented a continuing challenge. Cryptek’s offer is an opportunity to continue development of ION’s technology while providing leading-edge solutions to our customers and partners.