Feb, 2002 : Baltimore Technologies Sells Stake of Japan Operations

📅 February 4, 2002 - Baltimore Technologies (baltimore.com), the troubled Irishsecurity firm, today announced that it has sold 11,000 shares of itsJapanese subsidiary Baltimore Technologies Japan (BTJ) with CGI Limited, aspecial-purpose investment fund, for a total value of 900 million Yen (£4.73million, or $6.70 million) in cash to be received in full by the end ofMarch 2002.

On completion, the shareholding of Baltimore Technologies in BTJ will bereduced from 62% to 19%. The proceeds from this transaction will be used forgeneral corporate purposes.
BTJ holds a twelve-year exclusive license for the distribution of Baltimoreproducts in the Japanese market and following this agreement will continueto promote and sell Baltimore's e-security solutions in Japan. Customers ofBTJ include Tokyo Electric Power, NTT Communications, Teikoku Databank andSogo Keibi Hosho. Other shareholders in BTJ include Softbank, NTT DoCoMo,Nikko Capital, Nomura and JAFCO Capital.
Commenting on the agreement, Bijan Khezri, CEO of Baltimore Technologiessaid, "The strengthening of the Japanese operations through a deeperinvolvement of local Japanese investors and strategic partners has definedour agenda since we went into Japan in 1999. From a distribution point ofview BTJ should be autonomous. However, knowledge transfer out from Japaninto our innovation centres worldwide will remain central in the future.Whilst we are committed to our global presence and brand, it iscost-effectiveness, local distribution and innovative partnerships whichwill determine our long-term competitiveness"
Baltimore Japan currently employs 75 staff with annual revenue ofapproximately £10 million for the year ended Dec. 2001. BaltimoreTechnologies' PKI-based authentication products are the only non-JapanesePKI products that are compliant with the requirements of the JapaneseDigital Signature legislation, the company says. This transaction is part ofthe Baltimore Technologies ongoing restructuring plan announced last year torefocus the company on its core areas of expertise.

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