NetVision Acquires SIT Europe.
NetVision NV, the Belgian network security software developer, is consolidating its position within the booming European e-commerce market, by agreeing to acquire SIT Europe, a French web security software and services firm. SIT Europe was planning an initial public offering on the Nouveau Marche, and is currently valued around 42m euros ($44m) although this may change depending on its financial results. NetVision will finance the acquisition principally through cash, with NetVision shares representing less than 7% of the deal's value. SIT Europe's revenue for the year ending March 31 1999 was $17.8m, more than double that of NetVision. SIT's client list includes Dassault, Alcatel and several French government departments.
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|Date:||May 26, 1999|
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