NetScreen Technologies has signed a definitive agreement to acquire rising secure socket layer virtual private network (SSL VPN) firm Neoteris for approximately $245m (£147m) in stock and $20m in cash.
Under the terms of the agreement, after closing the deal and reaching "certain revenue milestones", NetScreen will pay Neoteris's stockholders and option holders up to an additional $30m in cash.
The acquisition will expand NetScreen's predominately hardware-based product portfolio to include Neoteris's software offerings, including its 'clientless' SSL VPN remote access technology that enables remote workers to access corporate networks via standard web browsers.
Kittu Kolluri, president and chief executive of Neoteris, who will join NetScreen as general manager responsible for the latter's secure access products, said Neoteris would benefit from NetScreen's strong channel.
NetScreen claimed the Neoteris technology would allow it to capitalise on the emerging SSL-based remote access market, which analyst firm Infonetics Research estimates will exceed $600m by 2006.
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