Baltimore sells 'crown jewels'

Monday, 22 September 2003, 5:27 PM EST

Security company Baltimore Technologies today announced a "conditional agreement" to sell its core public key infrastructure (PKI) business to US firm beTRUSTed for $5 million in cash.

The sale of Baltimore's 'crown jewels' to BeTRUSTed (which is owned by Bank One's One Equity Partners) effectively winds up the company, analysts say.

In a statement, Baltimore said the planned sale of its PKI business completes its disposal programme. The sale involves the transfer of staff to BeTRUSTed and is subject to shareholder approval - but that is likely to be a formality.

Baltimore recently sold off its SelectAccess authentication, OmniRoot and managed services operations. These, together with the earlier sale of content filtering technologies to Clearswift and other businesses, have left Baltimore as a ghost of its former self.

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