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INDUSTRY:
Technology
WHAT:
TripleTree negotiated the strategic sale
of Phaos Technolgy to Digital Signature Trust
Co. (DST) |
THE
ESSENTIALS:
TripleTree developed interest in Phaos from over
25 software and technology vendors worldwide.
Two finalists emerged and entered into a very
competitive process that resulted in closing an
all cash transaction with Digital Signature Trust
Co. (DST), a subsidiary of Zions Bancorporation. |
Phaos Technology
is a very successful e-Security software company focused
exclusively on providing security technology for Java-based
Internet and business-to-business (B2B) applications.
Based in New York, Phaos provides a comprehensive range
of security tools and products to leading technology
vendors such as AT&T, Cisco, Marimba, Netscape,
Novell, and SCO. The company's solutions include PKI,
certificate management, secure socket layer (SSL), transportation
socket layer (TSL), cryptography, WAP and S/MIME for
secure e-mail.
In an effort to accelerate its growth
and market position within the IT security industry,
Phaos Technology, Inc. sought a strategic sale that
would provide the necessary infrastructure and resources
to fully exploit the market opportunity for the Company's
e-security products. Through a hands-on partnership,
TripleTree represented Phaos as its exclusive financial
advisor in pursuing a strategic sale. As part of a highly
confidential sales process, TripleTree sought to meet
several specific objectives commensurate with the Company's
goal of identifying a strategic partner:
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Develop
as comprehensive a list of strategic acquirers for
the Company as possible leveraging TripleTree's
knowledge of IT and its commitment to research without
approaching the best known 20-25 e-security software
firms that were viewed as primary competitors in
the Company's core PKI market. |
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Secure multiple
offers focusing on 100% cash or where stock currency
posed little to no risk to valuation. |
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Secure excellent
software development environment for the Company's
engineers. |
“In
working with TripleTree, I was impressed with
their receptiveness to my questions, concerns,
and ideas, and their ability to provide solutions
and 'next steps' in a deal process. I was pleased
with their method in structuring and executing
their advisory services and I found that TripleTree
was able to understand the dynamics of our complex
space in a short amount of time. I highly recommend
TripleTree to other technology businesses requiring
financial and investment banking services.”
-
Joel Fan
Founder
& CEO, Phaos Technology, Inc. |
Approaching a broad spectrum of potential
acquirers that were deemed complementary to e-Security,
TripleTree developed interest in Phaos from over 25
software and technology vendors worldwide. Two finalists
emerged and entered into a very competitive process
that resulted in closing an all cash transaction with
Digital Signature Trust Co. (DST), a provider of digital
certificate services and subsidiary of Zions Bancorporation
(NYSE: ZION). The other finalist was a large European
e-Security and e-Business solutions company. Providing
a strong, long-term strategic fit, DST provides Phaos
greater access to marketing and distribution resources
as part of a larger organization. Phaos' e-security
solutions, in-turn, provide a highly complementary product
fit to DST's digital certification services, and key
strategic partnerships with leading technology vendors
and financial services organizations.
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