Wave Systems Corp. (fka WAVXQ)

[Countryboy]

Thursday, September 22, 2011
Philly & Tel Aviv-based Safend acquired

Lee, Massachusetts-based Wave Systems Corp announced today it has acquired Safend Ltd., a Tel Aviv-based company with US headquarters in Philadelphia. Safend provides endpoint security and data loss protection solutions.

The price was $12.8 million, of which $1.1 million was in cash and the rest in Wave stock. Wave says Safend has about 70 employees. Wave says it "will retain Safend's experienced executive team", including founder Gil Sever.

Safend VC backers have included Intel Capital, Elron Electronics Industries Ltd., and Walden Israel Venture Capital. Safend had raised at least $16.4 million, according to Crunchbase, so presumably this is not a good exit for its investors.