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ActivIdentity Buys CoreStreet For $20 Million

FREMONT, Calif. (AP) ¿ ActivIdentity Corp., which makes authentication technology, said Monday it bought CoreStreet Ltd., which makes identity validation products, for $20 million.

The purchase price consists mostly of cash, but it will also include stock and warrants.

ActivIdentity expects the purchase to close in December. The transaction will add 10 percent to annual revenue and help adjusted earnings before interest, tax, depreciation and amortization, ActivIdentity said.

ActivIdentity said the acquisition will strengthen its authentication and credential management product portfolio.

"We believe they will extend our ability to deliver a comprehensive set of capabilities that enable organizations to protect against cyber security threats and identity fraud," said Grant Evans, chairman and CEO of ActivIdentity.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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