AAA Firms wave bye to Safend

Firms wave bye to Safend

Nasdaq-listed data security provider Wave Systems has bought Israel-based data loss prevention vendor Safend for $12.8m.

The purchase price comprises $1.1m in cash and about 5.3 million shares of Wave’s common stock valued at $2.21 each.

Founded in 2003, Safend had raised a reported $21m, with its last public investment the $9m raised for its series C round in February 2008 from an unnamed asset manager, Tel Aviv-listed IDB’s corporate venturing unit Elron Electronic Industries, venture capital firm Walden and Intel Capital, the corporate venturing unit of US-listed chip maker Intel.

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