BERN, Switzerland, Dec. 21 (UPI) -- RUAG Defense plans to expand its cyber-security business with the acquisition of Clearswift, a British Cyber-security specialist.
"The acquisition of Clearswift ideally complements our existing portfolio of products and services," said Dr. Markus A. Zoller, chief executive officer of the RUAG Defense division. "By combining our expertise in network defense with Clearswift's data loss prevention and gateway solutions we will further boost our efforts to make RUAG Defense one of the leading cyber-security specialists."
Added Clearswift CEO Heath Davies: "I am confident that our expertise, together with the existing service and product offering, will augment the RUAG portfolio and drive further innovation."
Clearswift specializes in information security and is expected to generate more than $28 million in revenue in the current year.
Financial details of the transaction were not disclosed. The deal is subject to regulatory approvals, which the companies expect to receive in the first quarter of next year.
