15 Feb Standard Networks sold to Boston software company
Madison, Wis. – In what is being called a complementary fit in terms of product and culture, the Boston-area software developer Ipswitch has acquired the Madison Internet security firm Standard Networks, according to a report in the Wisconsin State Journal.
Terms of the acquisition, which was completed Jan. 23, were not disclosed, but the Lexington, Mass.-based firm told the Wisconsin State Journal that it plans to keep Standard Networks in Madison and double the size of its staff within two years.
Standard Networks, established in 1989, is known for its MOVEit technology, a line of security software products to assure the safe exchange of financial, legal, health, and other sensitive information across otherwise vulnerable networks. The company, which has adopted the name Ipswitch, reports $4.6 million in annual revenue and employs 15 people.
In developing file transfer technology that is used to protect Internet transactions from hackers, the company serves large businesses and government agencies that must comply with privacy regulations regarding the handling of sensitive information.
Ipswitch operates in the same space, developing software for network monitoring, messaging, and file transfer. The privately company, founded in 1991, has annual sales of more than $35 million and employs 165 people.
Much like its new parent, which has operations in 32 countries, Standard Networks sold a portion of its products – about 11 percent – internationally.
Reid MacGuidwin, who had been president of Standard Networks, now assumes the role of Ipswitch’s vice president in charge of MOVEit products within the file transfer division.
• Standard Networks reports 125% growth in software revenues
• MOVEit file-transfer software helps guarantee file transfer
• Standard Networks releases secure transfer client
• Standard Networks to Distribute its Cryptographic Software in Japan and Taiwan