October 25, 2006 4:07 AM PDT

BT snaps up Counterpane Internet Security

Britain's BT Group has snapped up United States-based Counterpane Internet Security for a sum of more than $20 million as part of a continuing commitment to the security offering and overall growth of its Global Services business.

Counterpane provides managed network security services.

As part of the deal, Counterpane's founder, CTO and highly regarded security guru, Bruce Schneier, will join the BT payroll. Schneier will maintain his position as CTO within Counterpane, based in Mountain View, Calif.

Andy Green, CEO of BT Global Services, said the acquisition is a reaction to BT customers' demand for more security at the network level to protect "increasingly business-critical applications."

The deal has been a long time in the pipeline, according to Schneier. Posting on his blog, he said, "This is something I've been working on for about a year, and I'm thrilled that it has finally come to pass."

Around the time acquisition discussions began, Counterpane had audited assets of $6.8 million. BT declined to disclose the value of the deal, but a spokesman said it was worth "tens of millions of dollars."

Will Sturgeon of Silicon.com reported from London.

See more CNET content tagged:
Counterpane Internet Security Inc., BT Group Plc., British Telecommunications, network security, CTO

 

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